Kroger has reported a strong first quater, resulting from the global pandemic, reporting an income of $1.2 billion for the quarter ending May 23. The retailer said that it expects to exceed its original outlook for 2020 for same store sales growth and profit. However it did not not reaffirm or provide new guidance for this year.
“The COVID-19 pandemic has dramatically changed the outlook for food retail in 2020 and we continue to monitor, evaluate and adjust our plans to address the impact to our business. There are still many unknown factors related to the long-term impact of COVID-19 that could influence our financial results for the remainder of 2020. We remain confident in our business model as well as our ability to generate strong free cash flow and achieve sustainable and attractive total shareholder returns.” – the company stated.
