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Saturday, April 10, 2021

Pandemic prep gives Kroger a lift

Kroger shares got a lift after the Cincinnati-based grocery chain said it’s still on track to hit its financial targets this year as the viral pandemic drives more shoppers to its stores and online. Kroger said its supermarket sales jumped 30% in March as shoppers stockpiled groceries. The grocery store chain expects sales to be volatile in the rest of 2020, as consumers get used to the “new normal.” It expects first-quarter earnings and sales to grow at a faster pace than it’s projecting for the full year. “We are seeing strong sales and are at the same time investing in our business to support our customers and associates through the current uncertainty,” said Gary Millerchip, Kroger’s chief financial officer. Kroger shares gained 1.3% Wednesday.

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