Kroger's stock rose Friday after the grocer announced earnings, a $1.2 billion opioid settlement and a divestiture plan related to its Albertsons merger.
Shares of Kroger Co. bounced into the green Friday as investors scanned a scattershot of news, including the grocer’s downbeat fiscal second-quarter earnings report, a billion-dollar-plus opioid settlement and an agreement to sell more than 400 stores in an effort to gets its acquisition of Albertsons Companies Inc. over the wire.
Excluding nonrecurring items, such as a $1.4 billion charge for the opioid settlement, adjusted earnings per share of 96 cents beat the FactSet consensus of 91 cents. Second, the company said it reached an agreement to pay $1.2 billion to states and subdivisions, and $36 million to Native American tribes in equal installments over 11 years, to settle “the majority” of opioid claims. The company will also pay about $177 million for attorney fees.
Kroger said the settlement will not affect its ability to close the proposed acquisition of Albertsons, which has seen some regulatory pushback.
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