Kroger Shares Slide as Grocer Is Battered by Price Fight
15 Juin, 2017, 16:59 | Author: Marc Bacque
For the quarter, sales at established supermarkets fell 0.2 percent for the three months ended May 20. Year-to-date, KR had already declined -11.59% prior to today's report, versus a +9.74% rise in the benchmark S&P 500 index during the same period. Kroger had posted a 13-year streak of growing quarterly sales before the trend downward began.
Kroger Co. shares plunged more than 10 percent Thursday after the company warned investors it would a generate smaller profit this year. The company continues to see same-store sales excluding fuel of flat to 1% growth. Discounter Aldi is opening more stores in the US, and its German rival Lidl is opening its first USA stores this week. "We are committed to providing that experience, and we will not lose on price", declared McMullen.
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Lower prices, though, cut into companies' profit margins, and in the latest quarter, Kroger's gross margin fell to 22.1% of sales from 23% in the first quarter past year. Kroger is the nation's second-largest food seller after Wal-Mart. Kroger cut its 2017 EPS guidance to $1.74 to $1.79, and its adjusted EPS to a range of $2.00 to $2.05.
(KR) reported a profit for first quarter that decreased compared to the same period past year. One of its most closely watched metrics, identical-store sales, declined 0.2 percent. Analysts polled by Thomson Reuters expected $2.19 a share. Earnings, adjusted for non-recurring costs, came to 58 cents per share, which was a penny more than analysts expected, according to Zacks Investment Research. The company said that those sales turned positive toward the end of the quarter and that it has remained so.
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