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Kroger Reports Q2 Earnings Beat

Tanzeel Akhtar

Kroger Co (NYSE: KR) reported second-quarter earnings beat Thursday morning.

Kroger reported quarterly earnings of 44 per share, which beat the analyst consensus estimate of 41 cents by 7.32%. This is a 7.32% increase over earnings of 41 cents per share from the same period last year. The company reported quarterly sales of $28.168 billion, which missed the analyst consensus estimate of $28.38 billion. This is a 1.07% increase over sales of $27.869 billion the same period last year.

"We are pleased with the improvement of trends in our supermarket business in the second quarter,” said Kroger Co CEO Rodney McMullen. “Guided by our customer obsession, Kroger delivered our best identical sales, without fuel, result since the launch of our transformation plan. FIFO gross margin, without fuel and pharmacy, was stable in our supermarket business. Gross margin headwinds in pharmacy were offset by strong fuel performance during the quarter.”

Kroger plans to continue to reduce costs and says it is on track to deliver $100 million in incremental operating profit through alternative profit stream growth.

View more earnings on KR

Kroger shares were trading up 0.51% at $25.70 in Thursday's pre-market session. The stock has a 52-week range between $31.98 and $20.70.

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