Kroger Co. stock undefined jumped 2.5% in premarket trade Thursday, after the supermarket chain posted better-than-expected third-quarter earnings and raised...
Kroger Co. stock KR, -0.32% jumped 2.5% in premarket trade Thursday, after the supermarket chain posted better-than-expected third-quarter earnings and raised its full-year guidance. The company, which is attempting to merge with Albertsons Cos. Inc. ACI, -0.05% in a deal that has met with resistance from lawmakers on competitive grounds, posted net income of $398 million, or 55 cents a share, for the quarter, down from $483 million, or 64 cents a share, in the year-earlier period.
Adjusted per-share earnings came to 88 cents, ahead of the 83 cent FactSet consensus. Sales rose to $34.2 billion from $31.9 billion a year ago, also ahead of the $83.9 billion FactSet consensus. Same-store sales were up 6.9%, while FactSet was expecting a rise of 4.0%. The company is now expecting full-year same-store sales to range from 5.1% to 5.3% and for EPS to range from $4.05 to $4.15. The FactSet consensus is for EPS of $4.09. Shares have gained 8.
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