New York – Last year, people were stockpiling food and essentials at stores and ordering a lot more groceries online. That was great news for America’s biggest grocery chains.
Now companies say the pandemic-time boom is over. Kroger (KR), the largest supermarket chain in this country, said Thursday that it expects comparable sales, or sales at stores open for at least one year, to decline by 3% to 5% this year. Sales increased 14.1% in 2020.
There is now “quite a challenging setup for grocers,” Rupesh Parikh, analyst at Oppenheimer, said in a note to clients Thursday.
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