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CINCINNATI, OH - The Kroger (NYSE:KR) Co. announced today that it has received consent from Deloitte & Touche LLP to use their reports on Albertsons (NYSE:ACI) Companies, Inc.'s financial statements. This move is related to Kroger's registration statement on Form S-3, which includes financial information from Albertsons.
Deloitte & Touche LLP, acting as the independent registered public accounting firm, issued their consent on Monday. The reports in question are dated April 22, 2024, and cover the consolidated financial statements of Albertsons and its subsidiaries for the 52 weeks ending February 24, 2024. These reports also address the effectiveness of Albertsons' internal control over financial reporting.
In other recent news, Kroger Co . has announced a $1 billion reduction in grocery prices following the completion of its $25 billion merger with Albertsons Companies Inc. This decision doubles down on Kroger's previous commitment to cut prices by $500 million at Albertsons stores. Amid legal hurdles and antitrust lawsuits, the merger has been temporarily halted by a Colorado District Court judge, with a trial set to commence later this year.
Simultaneously, Kroger has released unaudited pro forma financial information reflecting the company's status post-merger. These financial statements are based on the merger agreement and include a balance sheet and statements of operations. However, the company warns that actual results could significantly differ from these pro forma financial statements due to various risk factors.
Meanwhile, Regency Centers (NASDAQ:REG) has raised its annual funds from operations (FFO) forecast for fiscal 2024, following a strong Q2 performance. This was attributed to consistent leasing demand at its grocery-anchored shopping centers, which include tenants like Kroger.
In analyst notes, Argus has raised its price target for Kroger shares to $72, maintaining a "Buy" rating, citing factors such as the company's affordable private brands and effective customer analytics. Wells Fargo has reiterated its Overweight rating on Kroger shares, maintaining a steady price target of $65.
InvestingPro Insights
Kroger's strategic activities, including the integration of Albertsons' financial data, underscore the company's position as a prominent player in the Consumer Staples Distribution & Retail industry. Investors following Kroger's stock (NYSE:KR) can gain additional insights by considering real-time data and InvestingPro Tips. With a market capitalization of $38.39 billion and a solid track record of dividend payments, Kroger has raised its dividend for 18 consecutive years, reflecting its commitment to shareholder returns.
InvestingPro data highlights a P/E ratio of 17.86, signaling investor sentiment regarding the company's earnings potential. Despite a modest revenue growth of 0.89% over the last twelve months as of Q1 2025, Kroger maintains a strong gross profit margin of 22.99%. This financial stability is further evidenced by the company's profitability over the last twelve months and the analysts' prediction that Kroger will continue to be profitable this year.
For investors seeking additional insights and detailed analysis, there are over 6 additional InvestingPro Tips available, including a closer look at the company's financial health and future prospects. To explore these further, visit the dedicated InvestingPro page for Kroger at https://www.investing.com/pro/KR.
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