Market News

Kroger Plans to Hire 20,000 Employees in the U.S.

Kroger (KR) revealed that its family of companies plans to hire 20,000 employees across the U.S. through virtual and on-site interviews for various roles ahead of the upcoming holiday season.

Shares of the U.S.-based retailer that operates a combination of food and drug stores, multi-department stores, and price impact warehouses have gained 17% over the past year. (See Kroger stock charts on TipRanks)

The nationwide holiday hiring event will take place on October 13. Job opportunities will include salaried as well as hourly roles across retail, e-commerce, manufacturing, supply chain, merchandising, logistics, corporate, and pharmacy and healthcare jobs.

The total compensation being offered will equate to over $21 an hour, including benefits. Notably, the company has invested an additional $350 million in 2021 towards associate wages and training, over and above the $800 million invested over the last three years.  

On top of this, the Kroger Family of Companies is offering a range of comprehensive benefits that include competitive salaries and wages, healthcare, and retirement packages. Role-specific training and resources and tuition reimbursement programs offering up to $21,000 for both part-time and full-time associates are also being offered.

Kroger’s SVP and Chief People Officer Tim Massa commented, “It’s an exciting time to work in grocery retail, and as one of the leading retailers and employers in America, we’re committed to offering associates a culture of opportunity and career with purpose, competitive pay and benefits, and flexible schedules.”

Morgan Stanley analyst Simeon Gutman increased the price target on Kroger from $31 to $34 (14.7% downside potential) and reiterated a Sell rating on the stock.

Consensus among analysts is a Hold based on 2 Buys, 8 Holds, and 3 Sells. The average Kroger price target of $41.75 implies 4.7% upside potential to current levels.

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