Kroger (KR, $38.91) beats Q1 expectations...

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published in Blogs

Jun 18, 2021

Kroger (KR, $38.91) beats Q1 expectations; boosts full-year guidance

Supermarket company Kroger posted adjusted earnings of $1.19 per share for the first quarter, that exceeded the Zacks Consensus Estimate of 99 cents. However, the figure is lower than the year-ago quarter’s $1.22.

Sales fell -0.6% year-over-year to $41,298 million, but surpassed the Zacks Consensus Estimate of $39,222 million. Excluding fuel, sales were -4% lower than the year-ago period.

Kroger’s digital sales rose +16%; without fuel, they fell -4.1%.

Gross margin shrunk -170 basis points to 22.6%. FIFO gross margin, excluding fuel, contracted -65 basis points from the year-ago period.

For 2021, Kroger is expecting adjusted profit per share between $2.95 and $3.10, compared with its prior expectation of $2.75 to $2.95. It projects 2021 adjusted same-store sales to fall up to -4%, vs. prior forecast of up to -5% decline.

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