Kroger stock dropped double-digits after the company’s fourth quarter earnings report hit the wires on March 8.
Despite hitting all profit targets, as of noon central time, shares were trading 11% lower than the previous day, at $23.36, indicating investors were looking for the Cincinnati-based company to beat expectations.
Kroger gained market share for the 13th consecutive year, grew digital sales more than 90% and created 10,000 new jobs in fiscal 2017, according to a news release.
“We launched Restock Kroger in the fall of 2017 and finished the year with positive momentum in our sales and overall business,” said Rodney McMullen, chairman and CEO, in a news release. “Customers are letting us know that they see, feel and appreciate our efforts to redefine the customer experience – and they are rewarding us with growing loyalty.”
Kroger also released its 2018 guidance, which targets same store sales around 1.5% to 2.0% in 2018.