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One of the largest food retailers in the United States, Kroger Co. (NYSE: KR), announced Q3 earnings results before the opening bell in Wall Street on Thursday.
Rodney McMullen, CEO of the company had this to say in the letter to investors after the release of Q3 results: “Kroger’s third quarter results highlight the strength and diversity of our business model in a challenged operating environment, as strong fuel performance and growth in our alternative profit businesses supported continued adjusted net earnings per diluted share growth. As consumer spending tightens, we are focused on providing customers with exceptional value. By maintaining our long-term commitment to lower prices, personalised promotions and rewards, we are growing households and increasing loyalty, positioning Kroger for sustainable future growth. We appreciate our associates and continue to invest in wages, benefits and training, which is resulting in continued improvements in our customer experience.
“Our model’s strength allows us to navigate many economic environments. We remain committed to balancing investments in associates and greater value for our customers while continuing to generate attractive and sustainable returns for our shareholders,” McMullen highlighted the importance of the companies strategy to continue deliver solid results in the future.
The stock had a positive reaction following the Q3 results announcement. Shares were up by just over 2% at $44.59 a share.
Kroger stock price targets
Kroger Co. is the 549th largest company in the world with a market cap of $32.29 billion.
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Sources: Kroger Co., TradingView, MarketWatch, TipRanks, Benzinga, CompaniesMarketCap, FactSet
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