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Kroger Sales Rise on Steady Demand for Groceries, Essentials
The supermarket chain beat Wall Street estimates as budget-conscious shoppers spent more on groceries, while profits were squeezed by higher transportation costs.
- On June 18, Kroger reported same-store sales rose 1% excluding fuel, topping Wall Street expectations while the company maintained its full-year guidance.
- Rising gas prices from the Iran War have strained household budgets as consumers prioritize groceries amid inflation, accelerating U.S. inflation to the fastest pace in more than three years.
- CEO Greg Foran plans to implement Kroger's biggest price cuts in years to compete with Walmart Inc., Costco Wholesale Corp., and Amazon, targeting Fred Meyer and Ralphs chains.
- Quarterly profits were pressured by higher transportation expenses, planned price cuts, and lower egg prices. "We are pleased with our first-quarter results," Foran said in a statement.
- Major retailers Walmart and Costco have said in recent weeks they would prioritize value and keep prices competitive as shoppers look for deals. Kroger navigates these pressures within North America.
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Why Kroger Stock Dropped Today
Key PointsSluggish sales and rising expenses are a challenging combination.CEO Greg Foran has a plan to right the ship. 10 stocks we like better than Kroger › Shares of Kroger (NYSE: KR) sank on Thursday after the supermarket operator's earnings fell a bit short of investors' expectations. Image source: Getty Images.Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now, when yo…
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Coverage Details
Total News Sources15
Leaning Left1Leaning Right1Center3Last UpdatedBias Distribution60% Center
Bias Distribution
- 60% of the sources are Center
60% Center
L 20%
C 60%
R 20%
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