Shares of Kroger Co. (KR) resumed trading on Wednesday, Oct. 11, after accidentally omitting $2.6 billion in revenue for its convenience store business.
At its investor day Wednesday, Kroger announced that it had retained Goldman, Sachs & Co. to explore strategic alternatives, including a possible sale, for its convenience store business. The press release stated that the business generated 2016 revenue of $1.4 billion.
A few hours later, however, Kroger clarified that the convenience store business actually generates sales nearly triple that number. The $1.4 billion figure only included "inside sales," the company said in an updated press release. Including fuel, revenue was $4 billion.
Kroger's convenience store business includes 784 stores in 18 states, plus 68 franchise operations, which sold 1.2 billion gallons of fuel last year. The stores operate under the brand names Turkey Hill, Loaf 'N Jug, KwikShop, Tom Thumb and QuickStop. Not included in the review are Kroger's supermarket fuel centers or the Turkey Hill ice cream brand.
Kroger shares spiked 5% to $21.56 in midday trading Thursday. They'd risen about 2.5% before the correction was issued.
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