Warren Buffett’s Berkshire Hathaway disclosed a new stake in Kroger after the closing bell Friday. Shares of the nation’s largest supermarket surged 6% on the news.
The move is an interesting one given that Berkshire also owns a small position in Amazon (AMZN), the online retailing giant that has disrupted the grocery business through its purchase of Whole Foods and food delivery offerings for Amazon (AMZN) Prime customers.
Buffett has long been a fan of the retail and food industries.
Berkshire is a major investor in troubled Kraft Heinz (KHC) and also owns large stakes in Coca-Cola (KO) and Oreo maker Mondelez (MDLZ). Berkshire is also the parent of See’s Candies, Dairy Queen and the Pampered Chef brand of cookware.
Berkshire recently made a bet on high end furniture company RH (RH), the firm formerly known as Restoration Hardware. It disclosed that stake in November and added to the position in the last three months of 2019.