Kroger to Cut Prices on Thousands of Products as $148 Billion Sales Stall
Updated
Updated · USA TODAY · May 21
Kroger to Cut Prices on Thousands of Products as $148 Billion Sales Stall
10 articles · Updated · USA TODAY · May 21
Greg Foran said Kroger will lower prices on thousands of items, starting with tests in coming months before a broader rollout aimed at reviving sales growth.
Customer baskets have shrunk as shoppers buy fewer and cheaper goods amid high gas prices, persistent inflation, the Iran war and wider economic uncertainty.
Foran said Kroger will fund the cuts through better supplier sourcing and more efficient use of technology, while rivals including Walmart, Costco, Aldi and Amazon keep winning price-sensitive shoppers.
Kroger, which reported nearly $148 billion in annual sales in March, is also open to acquisitions to expand into the Northeast and faster-growing markets such as Texas, the Carolinas and parts of Florida.
Can a $5 billion price war truly win back Kroger's shoppers from discount rivals like Aldi?
Amid a global food crisis, is Kroger's massive price cut a bold rescue or a reckless gamble?
Is the new CEO's plan a real modernization or just a repeat of Walmart's old playbook?