The Kroger Co. (NYSE:KR) delivered strong third-quarter results, with both revenue and earnings surpassing Street’s expectations. This should not have surprised users who have been tracking the company’s website traffic trends through TipRanks’ Website Traffic Tool. The Ohio-based retailer operates retail food and drug, multi-department, jewelry, and convenience stores.
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As per the tool, visits to kroger.com were up 104.06% year-over-year during the quarter. Q3 traffic jumped from 47.7 million to 97.4 million year-over-year, with most website clicks witnessed in the month of July.
It is worth noting that the company rolled out its Boost membership program nationwide in mid-July. The aim was to attract new customers by giving incentives such as free grocery delivery and fuel discounts. Judging by our website tool, it seems that Kroger was successful on this front.
Wondering how the current quarter is turning out? Well, a look at the company’s October website traffic trend reveals a 92.82% jump year-over-year. Moreover, the website traffic has grown 72.2% year-to-date. The increasing footfall on the company’s website means that Kroger is likely to witness growth in the quarter.
Interestingly, the management is also upbeat about Kroger’s performance in 2022. In the last earnings call, the company raised expectations for adjusted earnings to $4.05 – $4.15 per share, compared with previous guidance of $3.95 – $4.05.
Is Kroger Stock a Buy, Hold or, Sell Stock?
On TipRanks, KR has a Hold consensus rating based on three Buys, eight Holds, and two Sells. The Kroger average price target of $51.25 implies upside potential of 5.9%. Shares have gained 9.2% year-to-date.
Concluding Thoughts
Kroger’s increased full-year guidance, impressive capital deployment activities, and efforts to gain market share reflect its growth potential.
Investors can enhance their stock research with the website traffic tool, as it enables one to analyze changes in consumer behavior and predict how this may affect the upcoming earnings report and stock price.
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