Kroger Co (NYSE: KR) reported a second-quarter FY23 sales decline of 2.3% year-on-year to $33.85 billion, missing the analyst consensus of $34.13 billion.
Identical Sales without fuel increased by 1%. Adjusted EPS of $0.96 beat the consensus estimate of $0.91.
Gross margin was 21.8%, and the FIFO gross margin rate, excluding fuel, increased by 35 basis points Y/Y.
Operating, general and administrative expenses rose 28% Y/Y to $6.9 billion.
The company incurred an operating loss of $(479) million compared to an income of $954 million last year.
Kroger held $263 million ...