Kroger on Friday said shoppers filled up large baskets of groceries in the fiscal second quarter. They bought bigger items, such as 24-packs of toilet paper. And they replenished fridges frequently, as they cooked more meals at home.
The company’s same-store sales, a key industry metric, were down 0.6% in the three-month period — nearly matching the heightened level of grocery sales during the year-ago period. It raised its outlook for the rest of the year.
Yet shares of Kroger — the country’s largest supermarket operator — fell about 7% on Friday afternoon as investors worried about a less favorable trend: Shrinking profits and squeezed margins.CNBC