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Shipping woes, discounts bite into Kroger's margins, shares fall

By Praveen Paramasivam (Reuters) -U.S. supermarket chain Kroger (NYSE:KR) Co reported a fall in a main measure of profitability on Friday, blaming wastage, discounts and this...
Shipping woes, discounts bite into Kroger's margins, shares fall © Reuters. FILE PHOTO: A logo of Kroger is displayed on a monitor above the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S., December 5, 2017. REUTERS/Lucas Jackson/File Photo

By Praveen Paramasivam

(Reuters) -U.S. supermarket chain Kroger (NYSE:KR) Co reported a fall in a main measure of profitability on Friday, blaming wastage, discounts and this year's squeeze on global supply chains.

The company's shares tumbled as much as 9.1%.

U.S. retailers have been spending more on shipping and labor this year, as pandemic-driven port congestion and a shortage of drivers increase the cost of stocking up their shelves.

"Consistent with many retailers, we experienced supply chain constraints and increased warehouse and transportation costs during the quarter," Kroger Chief Financial Officer Gary Millerchip said on an earnings call.

"We expect supply chain costs to remain elevated in the second half of the year."

Kroger's gross margin - the revenue left after deducting the costs of goods sold - was 21.4% in the second quarter, compared with 22.6% in the first.

Packaged food makers and grocers that sell their own private-label products have also reeled under higher costs of ingredients, such as wheat, meat and edible oils, forcing them to raise prices and warn of future increases as well.

"The messaging (from Kroger) was that... some inflation – notably on meat – was not fully passed on to consumers," J.P. Morgan analysts wrote in a note.

However, a boom in at-home cooking during the pandemic helped the operator of Ralphs, Dillons and Fred Meyer stores raise its annual adjusted profit forecast to between $3.25 and $3.35 per share, ahead of analysts' expectations, after topping second-quarter sales and earnings estimates.

"As food-at-home demand moderates, these (margin) headwinds could be more pronounced," CFRA Research analyst Arun Sundaram said.

To attract new customers and turn existing ones into more loyal shoppers, the chain has launched in Florida "Kroger Delivery Savings Pass," a service that offers unlimited delivery for $79 annually.

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27-09-2021 20:15:42 (UTC+7)

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 EUR/USD1.1702Buy
 GBP/USD1.3708Buy
 USD/JPY110.93↑ Buy
 AUD/USD0.7267↑ Buy
 USD/CAD1.2656↑ Buy
 EUR/JPY129.80↑ Buy
 EUR/CHF1.0850Neutral
 Gold1,752.85Neutral
 Silver22.668↑ Buy
 Copper4.2750↑ Buy
 Crude Oil WTI75.28↑ Sell
 Brent Oil78.53↑ Sell
 Natural Gas5.495↑ Sell
 US Coffee C193.43Neutral
 Euro Stoxx 504,166.38↑ Buy
 S&P 5004,455.48↑ Sell
 DAX15,576.85↑ Buy
 FTSE 1007,050.13Neutral
 Hang Seng24,208.78↑ Buy
 Small Cap 20002,253.88↑ Sell
 IBEX 358,999.50↑ Buy
 BASF64.570↑ Buy
 Bayer47.24Neutral
 Allianz195.56↑ Buy
 Adidas279.15↑ Sell
 Lufthansa6.428↑ Sell
 Siemens AG147.01↑ Buy
 Deutsche Bank AG11.008↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank5,665/ 5,715
(5,665/ 5,715) # 900
SJC HCM5,635/ 5,700
(0/ 0) # 885
SJC Hanoi5,635/ 5,702
(0/ 0) # 887
SJC Danang5,635/ 5,702
(0/ 0) # 887
SJC Nhatrang5,635/ 5,702
(0/ 0) # 887
SJC Cantho5,635/ 5,702
(0/ 0) # 887
Cập nhật 27-09-2021 20:15:44
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Sản phẩmVùng 1Vùng 2
RON 95-IV2204022480
RON 95-II,III2194022370
E5 RON 92-II2071021120
DO 0.05S1658016910
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Dầu hỏa1564015950
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$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD22.630,0022.860,00
EUR25.993,7727.346,60
GBP30.324,2231.591,18
JPY200,45212,05
KRW16,7520,39
Cập nhật lúc 18:54:42 27/09/2021
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