Kroger Surpasses Q1 2024 Estimates with Strong Sales and EPS of $1.43

Jun 20, 2024, 12:10 PM

Kroger has reported its first-quarter 2024 earnings, surpassing Wall Street estimates on several fronts. The company achieved sales of $45.3 billion, exceeding the estimated $44.98 billion. Identical-store sales excluding fuel rose by 0.5%, higher than the expected 0.27%. Adjusted earnings per share (EPS) came in at $1.43, beating the forecasted $1.35. Kroger also reaffirmed its full-year 2024 guidance, projecting EPS between $4.30 and $4.50, and identical sales excluding fuel to grow by 0.25% to 1.75%. The strong performance is attributed to steady grocery demand as consumers seek lower-priced options amid persistent inflation. Additionally, limited-assortment value grocers such as Aldi and Grocery Outlet Bargain Market saw significant year-over-year visit growth in May 2024, with increases of 26.3% and 14.3%, respectively, compared to a 7.9% rise in visits to traditional grocery chains.