Kroger Reaffirms 2023 Outlook After Mixed Results

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Kroger says it's going to pay 1.2 billion to settle the opioid epidemic claims several states, local governments and Native American tribes accuse the company of contributing to the epidemic by not having sufficient oversight over its pill sales. The company says the settlement allows for a full resolution of the claims but is not an admission of any liability or wrongdoing. Kroeger announced the settlement just before reporting its second quarter results and the supermarket chain reported better than expected profit but missed analysts expectations for sales last quarter. The grocery chain also reaffirmed its full year outlook with the CEO saying the strength and diversity of Kroeger's business model is delivering consistent results end quote. He adds that shoppers are feeling the pinch from inflation and higher interest rates and that he expects those pressures to continue in the second half of the year.