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        <title><![CDATA[Kroger’s sales jump 30% as shoppers stock up amid coronavirus crisis]]></title>
        <atom:link href="https://usagag.com/2020/04/01/krogers-sales-jump-30-as-shoppers-stock-up-amid-coronavirus-crisis-2/" rel="self" type="application/rss+xml" />
        <link>https://usagag.com/2020/04/01/krogers-sales-jump-30-as-shoppers-stock-up-amid-coronavirus-crisis-2/</link>
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            <media:title type="html">Kroger’s sales jump 30% as shoppers stock up amid coronavirus crisis</media:title>
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        <content:encoded><![CDATA[<p>Kroger comparable sales surged about 30 percent in March as consumers stockpiled due to the coronavirus pandemic, and the grocer said it had borrowed $1 billion to boost its cash reserve as it <strong>prepared for any fallout from the health crisis.</strong></p><p>The Cincinnati, Ohio-based company’s shares rose about 5 percent after the supermarket chain also maintained its forecast for the year, especially when most of its rivals have scrapped their estimates due to the virus-related uncertainty.</p><p>Kroger, however, said it was being conservative about its expectations due to a fluid environment caused by the outbreak.</p><p>“It is too early to speculate what will emerge as the ‘new normal’ in food consumption at home or what the impact on sales will be in future periods,” Kroger said.</p><p>The pandemic, which has killed nearly 4,000 in the US, has led to panic buying, with several people thronging stores to stock up on canned foods and everyday essentials.</p><p>“After experiencing strong sales in February, the COVID-19 pandemic triggered a significantly greater lift in sales across both physical retail stores and digital channels in March,” Chief Executive Rodney McMullen said in a statement.</p><p>McMullen said sales in March tapered toward the end of the month, but remained higher than normal, as customers adjusted to the new dining, work and travel restrictions.</p><p>The company said it expects first-quarter profit to exceed its prior forecast and that it would stop additional share buybacks in the quarter.</p><p>Kroger said it also raised wages for hourly staff by $2 an hour until April 18. The average hourly wage for Kroger employees is $15 per hour.</p><p>It had preciously announced a one-time bonus for its frontline associates, payable on April 3.</p>]]></content:encoded>
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