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Kroger raises profit forecast as at-home cooking sustains grocery demand -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: This is the Kroger headquarters in Cincinnati Ohio USA, U.S.A, on June 28 2018. REUTERS/Lisa Baertlein/File Photo

(Reuters) – On Thursday Kroger (NYSE) Co raised its full year profit forecast. The increase was driven by a steady demand for groceries, as well as the continuing boom in home cooking due to pandemics. Premarket trading saw shares rise 4%

Pandemic-driven cooking at home trend continues, even though there are no virus restrictions. That has kept sales of grocery stores that had been affected by last year’s lockdowns up.

The third quarter saw a rise in U.S.COVID-19 cases, which also helped boost sales for grocers. Costco Wholesale Corp (NASDAQ) had to put limits back on the purchases of tissues, rolls towels, and bottled water as hoarders resumed buying goods.

Kroger stated that it anticipates adjusted earnings per share for full year of $3.40-3.50, up from its previous forecast of $3.25-3.35.

It said that it expected full-year comparable-store sales to fall by 0.2%-0.4%, as opposed to its earlier forecast of a 1%-1.5% drop.

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