The American supermarket chain Kroger put a lower profit and turnover in the books in the past quarter. This was reported by Ahold Delhaize’s associate in presenting its results. Kroger is in the first year of his three-year reorganization and therefore costs more.
Kroger saw its sales last quarter, which ran until 2 February, drop by nearly 10 percent to $ 28 billion compared to a year earlier. On a comparable basis, excluding fire costs and mergers and acquisitions, revenue went up by 1.6 percent. Below the line, the supermarket chain kept $ 259 million. This is three times less than a year ago. The company spent more money on digitization and rewards for staff.
In an attempt to grow faster, Kroger carries out price reductions and grows about a thousand stores. Digital activities are also being centralized. Kroger suffers from fierce competition from among others Amazon. The tech giant recently announced that it would open more supermarkets alongside its existing network of Whole Foods stores.
Peretz M. is an accomplished economist and financial journalist with a deep understanding of the global economy and financial markets. He is a regular contributor to EconomicInform, where he provides expert analysis and commentary on current economic trends and events. With a strong educational background in economics, Peretz has a talent for breaking down complex economic concepts for a general audience and is able to provide insightful perspectives on a wide range of economic issues.