UPDATE 2-Kroger's $3 bln splurge hits profit outlook, shares slide [Reuters]
Kroger Company (The) (KR)
Last kroger company (the) earnings: 3/5 08:30 am
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Source: Reuters
Kroger's $3 billion splurge hits profit outlook, shares slide | Reuters 3 Min Read (Reuters) - Kroger Co projected annual profit below Wall Street estimates on Thursday, as the grocer spends billions of dollars on modernizing its stores and delivery to compete better with Walmart and Amazon. Its shares slid 12.4 percent in morning trade after the retailer also reported a 10 percent fall in fourth-quarter revenue and lower-than-expected earnings for the first time since October 2017. Kroger has been ramping up spending at its mainstay grocery business to overhaul store layout and improve online sales and doorstep delivery. Indeed, costs to open new warehouses and launch an in-house delivery service hurt profits in the fourth quarter, Kroger Chief Executive Michael Schlotman told CNBC in an interview. Additionally, Kroger has launched deliveries in self-driving vehicles as part of a pilot Arizona project, teamed up with Microsoft to introduce shelves that play video and started using au
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KR
Earnings
- 3/7/24 - Beat
KR
Sec Filings
- 4/24/24 - Form 4
- 4/24/24 - Form 4
- 4/24/24 - Form 4
- KR's page on the SEC website