Kroger's Strong Competitive Standing Should Help It Navigate a Fast-Changing, Competitive Landscape
We are lifting our valuation for narrow-moat Kroger to $31 per share from $29.50, mostly reflecting the time value of money. We believe Kroger's intangible assets (including vendor relationships, strong store banners, industry-leading transaction data and analytics capabilities, and a top-tier private-label lineup) and favorable cost position will help it capitalize on a rapidly shifting grocery environment. However, competition is intensifying, leading us to think that the firm's edge is dullin...Kroger operates as a retailer. The company also manufacture and process some of the food for sale in its supermarkets. Supermarkets are operated under one of the following formats: combination food and drug stores (combo stores); multi-department stores; marketplace stores; or price impact warehouses. The combo stores provide food and organic sections, pharmacies, general merchandise, pet centers and perishables such as seafood and organic produce. Marketplace provide grocery, pharmacy and health and beauty care departments as well as perishable offering and general merchandise area that includes apparel, home goods and toys.
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