Kroger's Gasoline-Sales Goof Sends Its Shareholders on a RideBy
Kroger Co. forgot to include the gas.
The company issued a confusing sales figure for its convenience-store business on Wednesday, saying the division generated $1.4 billion last year. But that was just from sales inside the stores -- Slim Jims, Mountain Dews and the like -- rather than the biggest source of revenue for convenience stores: fuel.
On a day when Kroger announced it may sell that business, the sales distinction was important to investors. Including the gas, the revenue figure was $4 billion. Shares of Kroger were halted until the company issued a statement clarifying the number.
It was an awkward time to be roiling the stock market. Kroger executives were at the New York Stock Exchange this morning for its annual investor day.