Overview Key strengths Key risks Leading player with good market share in grocery retail, focusing on fresh food offerings, online capabilities, and strong private-label penetration. Operates in highly competitive and fragmented grocery market undergoing operational and customer behavioral changes post-pandemic. Diversified portfolio of supermarket banners, with leading share of core markets, well-maintained store base, and good distribution and manufacturing capabilities. Inflation-weary customers and weak macroeconomic backdrop present unit demand challenges. Robust operating cash flow generation and strong liquidity. Timing uncertainty and execution risk related to the proposed acquisition by Kroger. Following the Federal Trade Commission's (FTC) February 2024 lawsuit to block the transaction, the companies amended their divestiture package by 40% to a revised 579 stores for $2.9 billion from
