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.
