On Thursday, Kroger Co (NYSE: KR) reported higher than expected third quarter results and forecasted upbeat same store sales for the upcoming holiday quarter following extreme discounting that made shares jump by 12.5%. The company expects sales at stores that have been opened for at least a year would exceed 1.1% in the fourth quarter while analysts believe it would reach to 1.2%.
Kroger has about 2,800 outlets in the U.S. with chains including Ralphs, Food 4 Less, and Harris Teeter. In October, the company released “Restock Kroger” to enhance business by investing $500 million in employees while cutting costs to continue reducing product prices and launch a new apparel brand by next year.
Black Friday results for general merchandise also reported an increase of 12.5% to $27.45 in premarket trading. Kroger’s total revenue rose 4.5% to $27.75 billion while net earnings reached $397 million.