Kroger Co. (NYSE: KR)
Shares of Kroger rose 10.58% premarket to $26.18 on Thursday, after the retailer issued its fiscal first quarter earnings report.
The results finished above Wall Street expectations as revenue for the quarter grew 3.4% to $37.5 billion from $36.2 billion last year.
The Thompson Reuters consensus was for revenue of $37.21 billion. Kroger stock has dropped 4.6% since the beginning of the year. The shares have gained 17% in the last twelve months.
KR Earnings & Outlook
The company posted a net income of $2.03 billion, or $2.37 per share, compared to a net income of $303.0 million, or $0.32 per share, in the first quarter of last year.
Adjusted earnings per share came in at $0.73, while revenue totaled to $37.5 billion, an increase of $1.3 billion from the prior-year period.
Analysts surveyed by Thompson Reuters expected the retailer to report adjusted earnings per share of $0.63 on a revenue of $37.3 billion.
Kroger also raised the low end of its earnings guidance for the full year, from the previous $1.95 to $2.15 per adjusted share to $2.00 to $2.15.
Analysts expect it to report adjusted EPS of $2.75, according to Thompson Reuters data.
Kroger CEO Comments
“Restock Kroger is off to a fantastic start. Everything we do supports our customers engaging seamlessly with Kroger. Kroger is creating the future of retail by innovating our core business and adding exciting partnerships like Ocado and our planned merger with Home Chef. We are on track to generate the free cash flow and incremental FIFO operating profit that we committed to in Restock Kroger. We are confident in our ability to deliver on our plans for the year and our long-term vision to serve America through food inspiration and uplift,” said Kroger chairman and chief executive officer, Rodney McMullen.
Kroger Co. Company Profile
Kroger Co. is an American retailer headquartered in Cincinnati, Ohio. Founded in 1883, Kroger is the largest supermarket chain in the country in terms of sales and stores.
The company, together with its subsidiaries, operates convenience stores, supermarkets, jewelry stores, and multi-department stores.
It also processes and manufactures food products, which are available in its supermarkets.
The company’s food and drug stores provide organic produce and natural food sections, fresh seafood, pharmacies, pet centers, and general merchandise.
Its multi-department stores offer general merchandise products, including home furnishings and fashion, apparel, outdoor living, fine jewelry, electronics, toys, as well as automotive products.
Kroger also operates price impact warehouses that offer beauty and health care items, grocery, fresh produce, meat, baked goods, and dairy items.
The competitors of the company include Wal-Mart Stores, Inc., Target Brands, Inc., Wayfair, Inc., Whole Foods Market, Inc., Williams-Sonoma, Inc, Costco Wholesale Corporation, Amazon.com, BJ’s Wholesale Club, etc.
It operates it retail stores under various banner brands, including Kroger, Fred Meyer, Ralphs, King Soopers, Simple Truth Organic, etc.
The company operated an online retail store, and a total of 2,800 retail food stores as of March 8, 2018. –Reuters
