Source: Grocery Dive
When Kroger released its latest quarterly earnings on Thursday, the retailer described its performance as evidence the grocery giant is thriving financially even as the economy continues to keep consumers off balance.
Wall Street, however, saw a gloomier picture.
While Kroger CFO Gary Millerchip was telling analysts during the earnings call that first-quarter results “clearly demonstrate the durability of our business in a more challenged operating environment,” investors were busy unloading shares in the company, which delivered underwhelming sales, slower comps and disappointing profits. Kroger’s stock price fell almost 3% by the time trading wrapped up for the day, to $45.94, even as key stock indexes notched gains.