WASHINGTON (dpa-AFX) - Supermarket chain Kroger Co. (KR) on Friday confirmed its fiscal 2025 earnings view, and raised identical sales growth outlook. In its first quarter, earnings per share remained flat, while adjusted earnings were above market estimates. Further, sales edged down from last year and missed the Street view.
In the pre-market activity on the NYSE, Kroger shares were gaining around 0.3 percent, to trade at $65.68.
CFO David Kennerley said, 'Our strong sales results and positive momentum give us confidence to raise our identical sales without fuel guidance, to a new range of 2.25 percent to 3.25 percent. While first quarter sales and profitability exceeded our expectations, the macroeconomic environment remains uncertain and as a result other elements of our guidance remain unchanged.'
Looking ahead to fiscal 2025, the company continues to project adjusted earnings in a range of $4.60 to $4.80 per share.
The Wall Street analysts on average expect the company to report earnings of $4.76 per share. Analysts' estimates typically exclude special items.
Further, total identical sales growth, without fuel, is now projected to be 2.25 percent to 3.25 percent, higher than previously expected growth of 2.0 to 3.0 percent.
In its first quarter, Kroger's earnings dropped to $866 million from last year's $947 million. Earnings per share, however, remained flat at $1.29 on lower share count.
Adjusted earnings were $996 million or $1.49 per share for the period, compared to $1.43 per share a year ago. Analysts had expected the company to earn $1.46 per share.
The company's sales for the period fell 0.3 percent to $45.118 billion from $45.269 billion last year. The Street expected sales of $45.31 billion.
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