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Kroger (KR) Beats Q2 Earnings, Stock Falls on Lowered View
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The Kroger Co. (KR - Free Report) , one of the largest grocery retailers, came out with second-quarter fiscal 2016 results, wherein earnings of 47 cents per share beat the Zacks Consensus Estimate of 45 cents, and surged 6.8% from the prior-year quarter.
Due to continued deflation, management lowered its fiscal 2016 guidance. The company expects fiscal 2016 earnings per share in the range of $2.10–$2.20 per share compared with the previous forecast of $2.19–$2.28 per share. The revised guidance excludes 7 cents charge related to the company’s commitment to restructure certain multi-employer pension obligations.
Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2016 and 2017 has been trending downwards over the past 30 days. However, in the trailing four quarters (excluding the quarter under review), the company has outperformed the Zacks Consensus Estimate by an average of 6.8%.
Revenues: Kroger generated total revenue of $26,565 million that increased 4% year over year but came below the Zacks Consensus Estimate of $26,783.5 million. The company’s identical supermarket sales, without fuel, grew 1.7%.
Kroger envisions identical supermarket sales growth (excluding fuel) in the range of 1.4% to 1.8% for fiscal 2016. For the remainder of the fiscal, identical supermarket sales (excluding fuel) are expected to grow in the range of 0.5% to 1.5%.
Stock Movement: Kroger’s shares are up nearly 1.2% during pre-market trading hours following the earnings release.
Check back later for our full write up on Kroger’s earnings report!
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Kroger (KR) Beats Q2 Earnings, Stock Falls on Lowered View
The Kroger Co. (KR - Free Report) , one of the largest grocery retailers, came out with second-quarter fiscal 2016 results, wherein earnings of 47 cents per share beat the Zacks Consensus Estimate of 45 cents, and surged 6.8% from the prior-year quarter.
Due to continued deflation, management lowered its fiscal 2016 guidance. The company expects fiscal 2016 earnings per share in the range of $2.10–$2.20 per share compared with the previous forecast of $2.19–$2.28 per share. The revised guidance excludes 7 cents charge related to the company’s commitment to restructure certain multi-employer pension obligations.
Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2016 and 2017 has been trending downwards over the past 30 days. However, in the trailing four quarters (excluding the quarter under review), the company has outperformed the Zacks Consensus Estimate by an average of 6.8%.
KROGER CO Price and EPS Surprise
KROGER CO Price and EPS Surprise | KROGER CO Quote
Revenues: Kroger generated total revenue of $26,565 million that increased 4% year over year but came below the Zacks Consensus Estimate of $26,783.5 million. The company’s identical supermarket sales, without fuel, grew 1.7%.
Kroger envisions identical supermarket sales growth (excluding fuel) in the range of 1.4% to 1.8% for fiscal 2016. For the remainder of the fiscal, identical supermarket sales (excluding fuel) are expected to grow in the range of 0.5% to 1.5%.
Zacks Rank: Currently, Kroger carries a Zacks Rank #3 (Hold) which is subject to change following the earnings announcement. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Stock Movement: Kroger’s shares are up nearly 1.2% during pre-market trading hours following the earnings release.
Check back later for our full write up on Kroger’s earnings report!
Confidential from Zacks
Beyond this Tale of the Tape, would you like to see Zacks' best recommendations that are not available to the public? Our Executive VP, Steve Reitmeister, knows when key trades are about to be triggered and which of our experts has the hottest hand. Click to see them now>>