Sluggish 2Q Profitability Doesn't Alter Our Long-Term Outlook for Kroger
Our $31 fair value estimate for narrow-moat Kroger should fall by the midsingle digits after we trim our near-term targets in the wake of second-quarter results. However, we still expect the firm's transformation effort will yield improved long-term profitability versus fiscal 2017's 1.7% operating margin. As we expect slow first-half profitability gains are a result of transitory and timing-related factors, our long-term forecast for low-single-digit revenue growth and operating margins over th...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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