Investing.com – Supermarket Kroger (NYSE:) jumped on Tuesday after the grocer announced that it expects same-store sales to grow more than 2.25% for the year and its profit forecast topped analysts’ estimates.
The company also announced a $1 billion share buyback program, which would replace an existing share repurchase plan. The grocer reaffirmed its 2019 guidance of earnings per share of $2.15 to $2.25. Shares of the company, whose stock has faced recent pressure, jumped 11% in midday trade.
Kroger has faced competition from lower-priced discount stores and the rise of e-commerce giant Amazon (NASDAQ:) in the fresh-food delivery space.
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