Whole Foods Price Cuts Send Shares Of Kroger And Sprouts Sliding

Andrew Cummings
November 15, 2017

Whole Foods Market's new owner Amazon is implementing a new round of price cuts, this time aimed at holiday shoppers.

Following the deal's close, Amazon immediately made good on some of those promises by lowering prices on select grocery items.

When it acquired Whole Foods in August, Amazon said that Prime members would eventually get "special savings and in-store benefits" at the grocery stores, and the company just announced the first one: It's for turkey! Amazon Prime members will save even more on organic turkeys sold at $2.99 per lb. and no antibiotics turkeys for $1.99 per lb.

Starting Wednesday, organic turkey will cost $3.49 per pound, and traditional, non-antibiotic turkey will cost $2.49 per pound.

Value Pack Boneless Skinless Chicken Breasts (Organic and No Antibiotic), Responsibly Farmed Raw Peeled Shrimp, and holiday favorites such as 365 Everyday Value Canned Pumpkin, Organic Broccoli, 1lb Organic Salad Mixes, Organic Russet Potatoes, and Organic Sweet Potatoes, Organic Rice from Lundberg Family Farms, Organic Beans from Eden Foods, Organic Chicken and Vegetable Broths from Pacific Foods, Organic Eggs and Milk from Organic Valley, and Toothpaste from Tom's of Maine.

However, the price cuts might be mostly a publicity stunt.

Amazon eased up 0.65% to 1,129.40 in the stock market today. Grocery-store operator Kroger ( KR ), seen as a potentially big loser in Amazon's foray into groceries, fell 1.4%.

That's still above the current average of $1.40, but it's a pretty cheap non-factory farmed turkey.

While Amazon's deep pockets give Whole Foods more room to cut prices, Target and other grocers, whose value game is stronger, have also tried to be a little bit more like Whole Foods.

Amazon has done a good job of making what was previously referenced as "Whole Paycheck" more appealing to more consumers. "In the few months we've been working together, our partnership has proven to be a great fit".

Other reports by iNewsToday