Hot Features
Premium
Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.
Kroger Co. (NYSE:KR), today, posted better-than-expected profit in its first-quarter, driven by strong sales. The higher-than-expected profit also prompted KR to boost its full-year profit outlook.
Kroger, which is the biggest supermarket chain in the U.S., reported a 4.2% increase in its identical-supermarket sales, excluding fuel. This is the 34th straight quarter where the company has seen an increase in its identical-supermarket sales. In the previous quarter, identical-supermarket sales had jumped 4.9%. Analysts had forecast an increase of 4%.
Kroger posted a profit of $439.4 million, or $0.78 per share in its first quarter, which ended on May 19. This compares with a profit of $432.3 million, or $0.71 per share reported in the same period last year. First-quarter profit beat Street estimates of $0.72 per share.
KR’s sales, including fuel, climbed 5.8% to $29.1 billion.
The higher-than-forecast results prompted Kroger to boost its profit outlook for the full year to $2.33-$2.40 per share. This compares with previous guidance range of $2.28-$2.38 per share. The company’s profit outlook is also above analysts’ estimate of $2.32 per share.
Kroger shares have opened sharply higher in trading today. At last check, the stock was up 2.54% to $21.83.
