Kroger (KR) Catches Bid on Strong Q3 Sales, Raised Outlook
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Price: $55.91 -0.43%
EPS Growth %: -11.3%
Financial Fact:
Depreciation and amortization: 525M
Today's EPS Names:
FRSB, DGICA, UXIN, More
EPS Growth %: -11.3%
Financial Fact:
Depreciation and amortization: 525M
Today's EPS Names:
FRSB, DGICA, UXIN, More
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Kroger (NYSE: KR) is trading higher Thursday morning, following strong third-quarter numbers and raised outlook.
Total sales increased 10.3 percent, from $18.67 billion last year to about $20.59 billion in the most recent quarter. Identical supermarket sales, without fuel, increased 5 percent in the quarter.
Kroger's net earnings fell 3.1 percent to $195.9 million, or 33 cents per share.
Overall, the Street was looking for earnings of 32 cents per share and revenue of $20.41 billion.
FIFO gross margin was about 20.9 percent of sales for the third quarter of fiscal 2011. Excluding retail fuel operations, FIFO gross margin decreased 34 basis points from the same period last year.
"Kroger had an outstanding third quarter. Our associates delivered on our Customer 1st strategy and we had strong sales and earnings per share growth," commented CEO David Dillon. "Based on the consistency of our results, we have the confidence to raise our earnings guidance for the year."
And they did. Looking to fiscal 2011, Kroger sees earnings of $1.95 to $2.00, up from its prior outlook calling for a range of $1.85 to $1.95. The Street average is calling for earnings of $1.96.
Early Thursday, Kroger shares are 2 percent stronger.
Total sales increased 10.3 percent, from $18.67 billion last year to about $20.59 billion in the most recent quarter. Identical supermarket sales, without fuel, increased 5 percent in the quarter.
Kroger's net earnings fell 3.1 percent to $195.9 million, or 33 cents per share.
Overall, the Street was looking for earnings of 32 cents per share and revenue of $20.41 billion.
FIFO gross margin was about 20.9 percent of sales for the third quarter of fiscal 2011. Excluding retail fuel operations, FIFO gross margin decreased 34 basis points from the same period last year.
"Kroger had an outstanding third quarter. Our associates delivered on our Customer 1st strategy and we had strong sales and earnings per share growth," commented CEO David Dillon. "Based on the consistency of our results, we have the confidence to raise our earnings guidance for the year."
And they did. Looking to fiscal 2011, Kroger sees earnings of $1.95 to $2.00, up from its prior outlook calling for a range of $1.85 to $1.95. The Street average is calling for earnings of $1.96.
Early Thursday, Kroger shares are 2 percent stronger.
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