KROGER EXPECTS TO EXCEED CONSENSUS EARNINGS ESTIMATE OF 44 CENTS PER SHARE, EXCLUDING ONE-TIME ITEMS, FOR FIRST QUARTER OF FISCAL 2002

CINCINNATI, OH, June 12, 2002 -- The Kroger Co. (NYSE: KR) today said it expects to exceed the First Call consensus earnings estimate of 44 cents per share, excluding one-time items, for the first quarter ended May 25, 2002.

The Company also said it expects to report that identical food store sales, including fuel, increased 0.6% in the first quarter. Excluding fuel, identical food-store sales were slightly positive.

“We are pleased with the early results of the strategic growth initiatives,” said Joseph A. Pichler, Kroger chairman and chief executive officer. “Identical food store sales are showing continued improvement and we are making steady progress toward the goals announced December 11, 2001.”

Kroger plans to report results for its fiscal first quarter on June 25, 2002.

Looking ahead, Kroger said it remains comfortable with achieving its previously announced earnings per share growth target of 10-12%, before one-time items, for fiscal 2002. As previously announced, adjustments to goodwill required by new FASB rules will improve fiscal 2002 EPS by an estimated 11 cents per share.

Headquartered in Cincinnati, Ohio, Kroger is one of the nation’s largest retail grocery chains. At the end of fiscal 2001, the Company (either directly or through its subsidiaries) operated 2,418 supermarkets and multi-department stores in 32 states under approximately two dozen banners, including Kroger, Ralphs, Fred Meyer, Food 4 Less, King Soopers, Smith’s, Fry’s and Fry’s Marketplace, Dillon, QFC and City Market. Kroger also operates (either directly or through its subsidiaries) 789 convenience stores, 427 fine jewelry stores, 227 supermarket fuel centers and 41 food processing plants. For more information about Kroger, please visit our web site at www.kroger.com.

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