Investors bulked up on Kroger (KR) - Get Report after the supermarket giant boosted its 2020 earnings forecast above the projections of industry analysts.

Kroger's stock at last check jumped 11% as Kroger said Tuesday that earnings for next year will range from $2.30 to $2.40 a share, above current analyst estimates of $2.19 a share.

The Cincinnati chain is also expecting same-store sales to rise next year as well, coming in a bit higher than the 2.25% growth, excluding fuel, it is anticipating for 2019.

Kroger also said it planned a $1 billion share buyback, replacing the existing program, which had $546 million remaining.

The grocery giant's bullish forecast comes as it forges ahead with an ambitious Restock Kroger campaign to revamp its business amid mounting competition for shoppers' dollars.

The chain has been expanding home delivery and self-checkout and reorganizing store layouts to be more customer friendly, among other initiatives. These efforts are part of its pushback against Amazon's (AMZN) - Get Report big entry into the business of food shopping as well as ongoing competition on the discount side from Walmart (WMT) - Get Report .

"Identical-store sales momentum is building, and we expect this trend to continue into 2020 and beyond," said Gary Millerchip, Kroger's chief financial officer, in a statement.

"We are also delivering adjusted earnings per diluted share growth for our shareholders through the Restock Kroger timeframe."

Kroger said it also expects to earn as much as $150 million of operating profit next year from new forays into personal finance and digital advertising, an increase from roughly $100 million in 2019.