Kroger Co. (NYS:KR) announced Tuesday that it has partnered with Instacart to launch "Kroger Delivery Now," offering groceries and other essentials delivered in 30 minutes. The service offers more than 25,000 items and reaches as many as 50 million homes. "Last year, Kroger achieved more than $10 billion in e-commerce sales, and we're committed to doubling both our digital sales and profitability rate by the end of 2023 and expect Kroger Delivery Now will help us reach that target," said Kroger Chief Executive Rodney McMullen in a statement. Kroger's portfolio of grocery store chains includes the namesake, Ralphs, Fred Meyer and King Soopers. Kroger and Instacart first partnered in 2017. Kroger reported second-quarter earnings that beat expectations on Friday. Kroger shares have run up 35% for the year to date while the S&P 500 index (S&P:SPX) has gained 19% for the period.
Sept. 14, 2021, 7:19 a.m. EDT