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                                                                    EXHIBIT 23.8
 
                    CONSENT OF DONALDSON, LUFKIN & JENRETTE
                             SECURITIES CORPORATION
 
We hereby consent to (i) the inclusion of our opinion letter, dated October 18,
1998, to the Board of Directors of Fred Meyer, Inc. (the "Company") as Appendix
E to the Joint Proxy Statement/Prospectus of the Company and The Kroger Co.
("Kroger") which forms a part of this Registration Statement on Form S-4 and
(ii) all references to us in the sections captioned "Summary -- Options of
Financial Advisors," "Reasons for the Merger," "The Merger -- Background of the
Merger." "The Merger -- Recommendations of the Board of Directors" and "The
Merger -- Opinions of Financial Advisors" of the Joint Proxy Statement/
Prospectus. In giving such consent, we do not admit that we come within the
category of persons whose consent is required under, and we do not admit that we
are "experts" for purposes of, the Securities Act of 1933, as amended, and the
rules and regulations promulgated thereunder.
 
Los Angeles, California
November 6, 1998
                                          DONALDSON, LUFKIN & JENRETTE
                                          SECURITIES CORPORATION
 
                                          By:     /s/ MICHAEL J. CONNOLLY
 
                                            ------------------------------------
                                            Michael J. Connolly
                                            Vice President