Shares of Kroger plunged Tuesday after the company’s earnings showed that its investments in tech and delivery services are taking a bigger bite out of its 2019 profits than expected, but it isn’t the only grocery chain struggling to make e-commerce work.
“We’re embracing this idea of omnichannel, but no one understands how we’re going to make any money,” Wolfe Research analyst Scott Mushkin said on CNBC’s “The Exchange.”
Ever since Amazon acquired Whole Foods in August 2017, grocers have been forced to step up their tech investments to avoid losing customers to the e-commerce giant.
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