2024-03-07 08:11:01 ET
Kroger Co (NYSE: KR) is trading up in premarket on Thursday after reporting upbeat financial results for its fourth quarter.
Kroger stock gains on solid guidance
Investors are cheering also because the retail company issued encouraging guidance for the future. is now calling for its adjusted EPS to fall between $4.30 and $4.50.
Analysts, in comparison, were at per share. Rodney McMullen – the chief executive of Kroger Co said in a press release today:
We expect to continue our momentum in 2024 by delivering value for customers, investing in associates and generating attractive and sustainable shareholder returns.
The earnings report arrives shortly after the Federal Trade Commission sued to block its $24.6 billion acquisition of Albertsons Companies Inc. is now up close to 20% versus its year-to-date low.
Watch here: https://www.youtube.com/embed/78U3w4LZQzM?feature=oembedNotable figures in Kroger’s Q4 earnings release
Earned $736 million versus the year-ago $450 million
Per-share earnings also climbed from 81 cents to $1.01
Adjusted EPS printed at $1.34 as per the earnings report
Revenue climbed 7.0% year-over-year to $37.1 billion
Consensus was $1.13 a share on $37.06 billion in revenue
Kroger reported gross margin at 22.7% of sales for its fiscal Q4. CEO McMullen also said on Thursday:
We are increasing customer visits and growing loyal households through the strength of our retail business, which positions Kroger for more ways to drive sustainable future growth.
Retail sales dampened by one of the wettest Februarys on record https://t.co/aJCoje7GQh
— Retail Week (@RetailWeek) March 5, 2024
This is a developing story. Check back in a few minutes for more updates!
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