Kroger's $3 billion splurge set to hit earnings, shares slide

- Kroger Co projected annual profit below Wall Street estimates on Thursday, as the grocer spends billions of dollars on modernizing its stores and delivery to compete better with Walmart and Amazon.

Profits are expected to come under pressure as the retailer plans annual spending of up to $3.2 billion — up from $3 billion last year — to overhaul stores and improve its online business under a program called “Restock Kroger” launched over a year ago. Such moves are expected to help Kroger better compete with the likes of Amazon, which is looking to expand in the grocery business, according to media reports.

The Krogers store by us looks like a grocery store from the 60's.

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