Kroger’s Doubts About Turnaround Targets Cloud Quarterly Profit Beat

 Kroger Co (KR.N) on Thursday raised doubts about its profit targets from an ongoing turnaround plan, even as the supermarket chain operator posted a better-than-expected quarterly profit, helped by its investments in delivery and online operations.

The retailer has been rapidly growing its online business by expanding delivery options under the three-year “Restock Kroger” restructuring plan, while also modifying store layout and adding more of its own brands on shelves.

Chief Executive Officer Rodney McMullen told analysts the company was not “reconfirming” its expectation of $400 million in incremental operating profit from the plan.

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