Kroger Raises Its Outlook After Another Double-Digit Sales Boost

The pandemic's boost to Kroger's (NYSE: KR) business hardly waned in recent months and is likely to extend at least into early 2021. That was the key takeaway from the grocery chain's latest earnings results, which showed strong sales and profit growth.

The company said revenue growth slowed slightly compared to the fiscal first quarter, but its 15% spike was still significant, and likely reflected modest market share gains against peers such as Walmart (NYSE: WMT).

Like its main competitor, Kroger noted a 100%-plus increase in e-commerce business as shoppers shifted toward online ordering for home essentials. "We delivered extremely strong results," CEO Rodney McMullen said in a press release.

Source Fool.com