The Kroger Co. (KR - Free Report) , one of the largest grocery retailers, came out with first-quarter fiscal 2018 results, wherein adjusted earnings of 73 cents per share surpassed the Zacks Consensus estimate of 63 cents and increased 25.9% year-over-year.
Kroger updated fiscal 2018 guidance. The company raised the lower end of the prior fiscal 2018 earnings per share guidance of $1.95–$2.15 to $2.00-$2.15. The Zacks Consensus Estimate is pegged at $2.06 per share, which is well within the guided range.
Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2018 has witnessed one downward revision over the past 7 days. In the trailing four quarters (excluding the quarter under review), the company has outperformed the Zacks Consensus Estimate by an average of 2.3%.
Revenues: Kroger generated total revenue of $37,530 million that increased 3.4% year over year and also came above the Zacks Consensus Estimate of $37,212 million. The company’s identical supermarket sales, without fuel, rose 1.4%.
Kroger envision identical supermarket sales (excluding fuel) to grow in the range of 2% to 2.5% from the earlier provided 1.5% to 2.0% in fiscal 2018.
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 (Strong Buy) Rank stocks here.
Stock Movement: Kroger’s shares are up nearly 8% 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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