Kroger (KR) tops estimates, raises full-year guidance

Kroger (NYSE: KR) shares opened higher before declining Thursday in reaction to its third-quarter earnings report.

The retail firm topped analyst estimates for earnings, revenue, and guidance, reporting earnings of $0.88 per share, $0.07 better than the analyst estimate of $0.81. Meanwhile, revenue came in at $34.2 billion versus the consensus estimate of $34.02 billion.

"This quarter demonstrates the strength of our approach to growing our business. By delivering for our customers, investing in our associates and supporting our communities, we are creating attractive and sustainable total returns for our shareholders," commented Kroger Chairman and CEO Rodney McMullen.

Kroger also raised its full-year guidance and now expects identical sales without fuel to be in the range of 5.1% to 5.3% and adjusted earnings per diluted share between $4.05 and $4.15.

At the start of Thursday's session, Kroger shares opened higher at $50.41. However, they are currently down around 1.4% at $48.50 per share.

By Sam Boughedda

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