Kroger Sales Soar, But Shares Drop

Utilizing an unexpected tax benefit as cover for a heavy round of pricing investment drove robust quarterly sales for Kroger, but Wall Street disapproved.

CINCINNATI — Utilizing an unexpected tax benefit as cover for a heavy round of pricing investment drove robust quarterly sales for Kroger, but Wall Street disapproved. Shares in the retailer here were down by more than 6% Tuesday after Kroger said it invested much of a $40 million tax benefit in lower retail prices and service initiatives during the fiscal third quarter ended Nov. 10. Earnings of $253.8 million, or 37 cents per share, came in above expectations of 35 cents but below what migh

Register to view the full article

test - Advanced Registered User

Already a member? .

TAGS: News Kroger