Kroger shares plunge after earnings, revenue miss

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Kroger on Thursday reported quarterly earnings and revenue that fell short of analysts’ expectations, sending its shares sharply lower in the premarket.

Shares of the company plunged 9 percent in premarket trading.

Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

  • Earnings per share: 48 cents, adjusted, vs. 52 cents expected
  • Revenue: $28.09 billion vs. $28.38 billion expected

The grocer reported fiscal fourth-quarter net income of $259 million, or 32 cents per share, down from $854 million, or 96 cents per share, a year earlier.

Excluding items, Kroger earned 48 cents per share, missing the 52 cents per share expected by analysts surveyed by Refinitiv.

Net sales dropped 9.5 percent to $28.09 billion, falling short of expectations of $28.38 billion.

Looking to fiscal 2019, the grocer is targeting identical sales growth, excluding fuel, between 2 percent and 2.25 percent. It expects to earn between $2.15 to $2.25 per share for the full year, a more optimistic range than expected by analysts. Wall Street was forecasting the company to earn $2.16 per share this year.

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