Business

Kroger Cuts Make Grocery Stocks Decline

While the retail industry continues to see its digital transformation, merchants from various industries are feeling the heat.

No industry is safe — not even supermarkets.

Grocery store Kroger has made the decision to cut its annual profit guidance forecast due to higher product costs than it had previously projected. As a direct result of Kroger’s 12 percent shares decline, both SuperValu along with Smart & Final Stores’ shares have seen a sharp decline.

Kroger stores CEO, Rodney McMullen, commented on the Q1 earnings call news, saying that the grocer will not lose on price.

In addition to the two grocery stores mentioned above, Weis Markets and Whole Foods Market have also been reportedly trading at weak prices against the broad market averages.

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