Grocers Bag New Labor Deal in California: KR, SWY, SVU
Grocers Kroger (NYSE:KR), Safeway (NYSE:SWY), and SuperValue (NYSE:SVU) reached an agreement with Southern California workers. This agreement prevented what could have been a very expensive strike by these workers. According to the union rep, the 3-year contract includes a wage increase, along with health and pension benefits.
“We are pleased to have reached a tentative settlement agreement with the union that continues to preserve good wages, secure pensions and access to quality, affordable health care – while allowing us to be competitive in the marketplace,” the grocers said in a joint statement on Monday.
Kroger’s stock (NYSE:KR) is up .58% to $22.51 on the news. Shares are up 0.72% year to date. The stock has traded in a 52-week range between $20.53 and $25.58. Safeway’s stock (NYSE:SWY) is up 0.03% to $17.53 on the news. Shares are down 22.01% year to date. The stock has traded in a 52-week range between $16.51 and $25.43. SuperValue’s stock (NYSE:SVU) is up 1.89% to $7.56 on the news. Shares are down 21.5% year to date. The stock has traded in a 52-week range between $6.40 and $12.45.