Grocery giant Kroger Co. (NYSE:KR) is making an aggressive push to win over cost-conscious shoppers, revealing it has lowered prices on more than 3,500 products since the beginning of the year.
The move comes as the company reported mixed second-quarter earnings and raised its full-year sales forecast, signaling confidence in its “back to basics” strategy.
Check out Kroger’s stock price here.
Kroger Aims To Simplify Value Proposition
The strategic price investments are at the core of Kroger’s plan to simplify its value proposition for customers who are feeling the strain of the economy.
“Our customers are telling us they like lower prices and simpler promotions,” said Chairman and CEO Ron Sargent on the earnings call. “They care about quality and value, and they appreciate better store conditions and better service.”
Vows To Remain ‘Margin Neutral’
To fund the deep discounts without sacrificing profitability, Kroger is focused on cutting costs and improving productivity.
The company is vowing to keep its profit margins stable, with …