Kroger’s (NYSE: KR) stock has been outperforming the worst market selloff in three decades as people across the US queue to get into stores to buy face masks and tinned food as a result of coronavirus.
Kroger, America’s largest traditional supermarket, is among the only 29 stocks in the S&P 500 index that have generated gains over the past month; the majority of these companies experienced a massive jump in demand in the wake of the outbreak. S&P 500 and Dow Jones plunged close to 30% in the last month due to trader’s concerns over slowing economic growth and the risk of recession.
Kroger stock price rose more than 4% in the last month and the stock is up 8% since the beginning of this year. Its shares are currently trading at slightly below from 52-weeks high of $33. Kroger stock price is likely to enjoy more gains in analyst view on the back of increasing threat of lockdown across the US.
Kroger, which runs over 2,750 stores across 35 states, said it would hire more employees to meet the customer’s needs, analysts also expect demand to increase over the coming days and weeks.
“Grocery stores become the center of the community,” said Doug Baker, vice president of industry relations at food retail trade group FMI. “It’s the lifeline during a time of disaster. They are on the front lines.”
Kroger has generated identical sales growth of 2% year over year in the fourth quarter; its digital sales grew 22% from the same period a year ago. The company could easily surpass its previous targets for this year considering the robust growth in demand. Previously, Kroger guided adjusted earnings per share in the range of $2.30 to $2.40.
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