Kroger doubtful about turnaround targets, shares fall
) on Thursday raised doubts about its profit targets from an ongoing turnaround plan, even as the supermarket chain operator posted a better-than-expected quarterly profit, helped by its investments in delivery and online operations.
“We want to be transparent about what went according to plan and what didn’t go as anticipated ... Some things are coming to fruition as we expected, but just later than we thought, such as identical sales momentum,” he said. However, over the years, Kroger ran into intense competition as even discount retailers started selling their own brands.
The company said it would give details on its financial goals for 2020 at its investor day in November.
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