Kroger Co. on Thursday reported bumper quarterly results and forecast annual profit above Wall Street estimates, as the U.S. grocer bets on higher food prices and embarks on cost-cutting measures across its digital business and supply chain.
The supermarket chain’s shares rose 3 percent as the outlook took Wall Street by surprise, after a string of profit warnings from major retailers including Walmart Inc. and Target Corp. raised concerns about the retail sector’s health in 2023.
Kroger has been streamlining its supply chain to limit costs, from sourcing products closer to its distribution centers to cutting expenses tied to digital orders through automation by partnering with British online supermarket Ocado Group….