Despite gaining more than 10% early on in the session, Kroger finally added 6.07% by the close to settle at $25.86 per share. This after it released better-than-expected results. During the 3rd quarter, Kroger recorded a 4.5% increase in total revenues to $27.75bn, topping estimates of $27.46bn. Kroger net earnings grew to $397mn, or 44 cents per share, up from $391mn, or 41 cents per share, a year ago. As a result, this surpassed analysts’ forecasts of 40 cents per share. Looking forward, Kroger has forecast same-store sales set to increase by more than 1.1% in the 4th quarter, supported by a revamp in its business.
Kroger shed a massive 7.51% on Friday, despite the group releasing results which were mostly in-line with expectations. During the quarter, revenues increased by 3.9% to come in at $27.6bn, beating estimates of $27.5bn. Same-store sales excluding fuel grew by 0.7%, marginally higher than expectations of 0.4%. Despite the increase in sales, 2nd quarter net income declined to $353mn, or 39 cents per share, down from the $383mn, or 40 cents per share, reported a year ago. As a result, earnings for the quarter were in-line with estimates. Kroger has fallen more than 30% this year, with the Cincinnati-based retailer among the worst affected by Amazon’s acquisition of Whole Foods Market.