Following a strong third-quarter performance amid record-high inflation for food items, Kroger raised sales and profit estimates for 2022.
Kroger was able to raise its annual sales and profit forecasts after showing a strong performance in the third quarter of 2022.
"Kroger achieved strong results in the third quarter as we continue to execute our Leading with Fresh and Accelerating with Digital strategy," said the company's CEO Rodney McMullein a statement. "Our associates are doing an outstanding job delivering a full, fresh and friendly experience across our seamless store and digital ecosystem."
"Kroger's value proposition, which includes providing great quality, fresh products at affordable prices, data-driven promotions, trusted Our Brands products and an industry-leading fuel rewards program, is resonating with shoppers and driving increased customer loyalty," McMullen added. Total sales made by the company so far this year were $34.2 billion in the third quarter, an increase from $31.9 billion for the same period last year. The gross margin of sales stood at 21.
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