EFTA Document EFTA01385435

3 January 2018 HY Corporate Credit HY Multi Sector,Media, Cable & Satellite Two less pronounced themes to this point include margin risk and debt reduction. In light of intense competition amongst food retailers, we are watchful to see what pricing concessions, if any, could be asked of the group. Kroger indicated on its 3Q17 earnings call its gross margin benefited from becoming, "significantly more diligent on lowering (its) cost of goods and negotiations with (its) vendors." Notably,