Kroger Posts 30 Percent Jump in March Comparable Sales, Borrows $1 Billion
Kroger Cos comparable sales surged about 30 percent in March as consumers stockpiled due to the CCP ..
Kroger Cos comparable sales surged about 30 percent in March as consumers stockpiled due to the CCP virus pandemic, and the grocer said it had borrowed $1 billion to boost its cash reserve as it prepared for any fallout from the health crisis.
The Cincinnati, Ohio-based companys shares rose about 5 percent after the supermarket chain also maintained its forecast for the year, especially when most of its rivals have scrapped their estimates due to the CCP (Chinese Communist Party) virus-related uncertainty.
Kroger, however, said it was being conservative about its expectations due to a fluid environment caused by the outbreak.
“It is too early to speculate what will emerge as the new normal in food consumption at home or what the impact on sales will be in future periods,” Kroger said.
The pandemic, which has killed around 4,000 in the United States, has led to panic buying, with several people thronging stores to stock up on canned foods and everyday essentials.
“After experiencing strong sales in February, the COVID-19 pandemic triggered a significantly greater lift in sales across both physical retail stores and digital channels in March,” Chief Executive Officer Rodney McMullen said in a statemenRead More – Source
