PYMNTS.com April 24, 2024
Investors reportedly expect increased competition in the grocery sector after Amazon’s announcement Tuesday (April 23) of a new grocery delivery subscription benefit.
Walmart and Kroger shares declined 1.8% and 2.3%, respectively, Tuesday, in moves that UBS analyst Michael Lasser said showed that investors interpret Amazon’s announcement as a sign of greater competition, Seeking Alpha reported Wednesday (April 24).
The new Amazon program offers a delivery subscription benefit in the United States for Prime members and customers using an electronic benefits transfer (EBT) card, according to the report.
“The reality is that all the leading players have been competing intensely for some time for a greater share of online grocery spend,” Lasser wrote in a Tuesday note, per the report.
Amazon’s...
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