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Bloomberg
Kroger Co raised its profit forecast for the third straight quarter, propelling shares back near the record heights they attained in September.
Adjusted earnings in the current fiscal year will be in the range of $3.40 to $3.50 a share, Kroger said in a statement as it reported earnings. That followed increases to the grocer’s outlook in June and September. Kroger had initially said in March that earnings would be no more than $2.95 a share.
The elevated expectations signal progress for Kroger’s campaign to capitalise on a pandemic-era shift in which consumers are cooking more at home. The company will reap the rewards by offering more fresh food and an array of online capabilities, said Chief Executive Officer Rodney McMullen.
“The food-at-home change is structural and not temporary,†he said on a conference call with analysts. With home-cooked meals giving grocery stores an edge, “it is more important than ever that we provide customers with flexibility on how they choose to shop with us.â€