Grocery retailers tend to perform well in an economic turmoil as cash-strapped consumers prioritize spending on food and other essentials.
-Kroger Co raised its annual sales and profit forecasts on Friday as inflation-hit consumers drive up demand for groceries and household essentials at the cost of discretionary goods.
"We saw incredible engagement in our brands during the quarter with identical sales growth of 10.2% compared to last year," Kroger Chief Executive Officer Rodney McMullen said. Kroger, which is focused on groceries, reported a 56.5% jump in attributable profit to $731 million in the second quarter. Excluding one-off charges, it earned 90 cents per share, beating estimates of 83 cents a share.
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