Kroger Co Mixed Quarterly Reports not as Bad as Expected
Kroger Co, one of the world's largest grocery retailers reported a quarterly profit of $680 million or 70 cents per share. For the quarter that ended on May 21, the company had 9.9 percent increase in profits compared to $619 million or 62 cents a share compared to the same quarter last year. The quarterly results surpassed analysts' forecast of 69 cents a share.
However the revenue failed to keep in line with the analysts' expectation of $34.83 billion. It increased 4.7 percent to $34.6 billion. There was a 2.4 percent increase in same-store sales compared to last year's 5.7 percent.
Kroger said trends of weaker fuel margins are likely to weigh down the profits. Earlier, the retailer's profit guidance for the full-year of $2.19 to $2.28 per share is now lowered at the mid and low range of the expected figures.
Jim Cramer, former hedge fund manager and founder of TheStreet said, "Kroger's a real interesting situation. I didn't expect much from Kroger, and they gave me what I didn't expect - not that much - but that turned out to be better than what a lot of other people thought."
New Zealand News
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