Kroger Surpasses Q1 Estimates with $1.43 EPS, $45.27B Sales, Stock Rises 3.12%

Jun 20, 2024, 12:41 PM

Kroger has reported its first-quarter earnings for fiscal year 2024, surpassing Wall Street estimates. The company posted sales of $45.27 billion, exceeding the expected $45.04 billion. Adjusted earnings per share (EPS) came in at $1.43, higher than the anticipated $1.34. Identical-store sales, excluding fuel, increased by 0.5%, compared to the estimated 0.27%. Kroger reaffirmed its full-year guidance, projecting EPS between $4.30 and $4.50 and identical sales growth, excluding fuel, between 0.25% and 1.75%. The company reported an operating profit of $1.294 billion. CEO Rodney McMullen stated, 'Kroger is off to a solid start in 2024 led by better-than-expected performance of our grocery business.' The company attributed its strong performance to steady grocery demand amid persistent inflation. Following the earnings report, Kroger's stock rose by 3.12% in pre-market trading.