Kroger shares jump most in almost 30 years

Bloomberg

Kroger Co shares jumped the most in almost 30 years after the company unveiled a profit forecast that signaled new gains on top of a two-year surge in demand for groceries sparked by the coronavirus pandemic.
Adjusted earnings in the current fiscal year will range between $3.75 and $3.85 a share, Kroger said. That handily exceeded the $3.44 average of analyst estimates compiled by Bloomberg.
The robust forecast underscores how Kroger is capitalizing on a pandemic-era shift to consumers cooking more at home. The Cincinnati-based grocer is offering more fresh food and investing in online capabilities, Chief Executive Officer Rodney McMullen said.
“We expect the momentum in our business to continue and have confidence in our ability to navigate a rapidly changing operating environment,” McMullen said in the statement. The company is building “competitive advantages” with its technology and initiatives, he added.
Kroger climbed 12% in New York, its biggest gain since 1993 and the largest advance in the S&P 500.