Kroger CEO Greg Foran announced sweeping price cuts across thousands of products. The company aims to regain market share through these reductions. Foran told Bloomberg the U.S. supermarket operator will test and phase in the changes gradually.
The initiative targets pricing gaps with competitors Walmart, Costco, and Aldi. Kroger will fund the cuts through direct importing and streamlined operations. The company also plans to use technology to improve overall efficiency.
Kroger shares fell approximately 2% following the announcement. Investors expressed concern regarding the immediate impact on profit margins.