As Americans continue to cook at home, Kroger inventory increases and sales grow.

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More Americans may have returned to offices, classrooms, restaurants, Kroger CEO Rodney McMullen said sales in recent months prove that some stay-at-home trends continue.

“So many customers have learned how to cook and they really enjoy it,” he said on Thursday at CNBC.Closing bell“What they are telling us is that they like to eat healthy and feel that cooking at home can make them healthier.” I also like to show off their new skills. “

Kroger shares soared Thursday and closed at $ 44.65, up 11%. Grocery stores raised their outlook after reporting higher-than-expected sales growth. With the latest rise in stocks, the country’s largest supermarket operators are pacing towards their highest annual performance since 2014. Its stock has risen 41% so far, with a market value of $ 33.38 billion.

Kroger’s third-quarter results surprised some investors and showed that consumers could continue to load in the refrigerator. According to the company, third-quarter sales ending November 6 were 78 cents per share, excluding items, with analysts averaging $ 31.23 billion in Kroger sales per share 66. I’m predicting to earn cents.

Same-store sales during the period increased 3.1%, excluding fuel, and increased 14% over the two years. According to the StreetAccount, this is higher than the expected growth of 0.9%.

Boost for the previous holiday

McMullen predicts that in the fourth quarter, larger holiday gatherings and parties will mean people buy more groceries.

Kroger is one of the fastest growing grocery stores during the pandemic. Mostly because Americans are stuck at home and have to eat more on their own. But as more people get Vaccinated with Covid-19, analysts are primarily betting that habits will reverse and people will return to eating out or simply eating in the company cafeteria. increase.

However, the background is evolving and has shaken investor expectations.For example this week Omicron variant Injected new uncertainty about how Americans spend money If they are willing to travel.

Kroger’s results are impressive, especially when it comes to how people’s daily lives have changed over the past year, said Ken Goldman, a retail analyst at JP Morgan.

“If you surveyed investors three or six months ago and asked if that was possible [Kroger] We think few people answered yes to post this kind of result in late 2021 when consumers returned to school or office. “

Inflation may be a headwind

As Americans continue to cook at home, Kroger inventory increases and sales grow.

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The post As Americans continue to cook at home, Kroger inventory increases and sales grow. appeared first on Eminetra.

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