Kroger Plunges After Grocery Chain Scraps Long-Term Forecast
- Company posts same-store sales growth as food deflation eases
- Concerns persist on heightened competition for food retailers
Kroger Tumbles as Chain Scraps Long-Term Forecasts
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Kroger Co. shares plunged after the supermarket chain abandoned its practice of offering long-term guidance, a sign it’s grappling with fierce competition in a grocery industry rattled by Amazon.com Inc.’s acquisition of Whole Foods.
The decision to stop giving further-out forecasts spooked investors concerned about an increasingly cutthroat grocery industry, said Jennifer Bartashus, an analyst at Bloomberg Intelligence.