Kroger Crushes Expectations but Gets No Love
Investors had high expectations for Kroger (NYSE: KR) coming into its first-quarter earnings report Thursday morning, and the nation's largest traditional supermarket chain did not disappoint.
Kroger, which owns a number of other brands including Harris Teeter and King Soopers, said comparable sales excluding fuel rose 19% -- an incredible pace for a supermarket chain and evidence of the strong tailwind the coronavirus pandemic provided, as other grocery sellers benefited as well.
For the quarter ended May 23, revenue was up 11.5%, reflecting declining gas purchases, to $41.5 billion, beating estimates of $40.7 billion.
Source Fool.com
