As it continues working toward a merger with Albertsons Cos., the Kroger Co. posted earnings that beat a Wall Street estimate even as revenues came up a bit short.
Company net earnings were $962 million, or $1.32 per diluted share, compared to $664 million, or 90 cents per diluted share, in the year-before quarter, Kroger reported. Adjusted for one-time events, company net earnings were $1.1 billion, or $1.51 per diluted share, versus $1.07 billion, or $1.45 per diluted share, in the year-prior period.
Analysts polled by Yahoo Finance expected, on average, that adjusted diluted earnings per share would come in at $1.46 and revenues would come in at $45.24 billion.
Identical sales with fuel price volatility excluded from the calculation increased 3.5% in the quarter year over year, Kroger stated. Total company sales were $45.17 billion versus $44.6 billion in the period a year earlier. Operating profit was $1.47 billion versus $1.51 billion in the year-previous quarter while adjusted operating profit was $1.67 billion versus $1.6 billion.
Kroger chairman and CEO Rodney McMullen, said, “Kroger achieved solid first-quarter results guided by the execution of our Leading with Fresh and Accelerating with Digital strategy. As more customers are feeling the effects of inflation and economic uncertainty, we are growing customer households by providing fresher products at affordable prices with personalized rewards. Our amazing associates are bringing this strategy to life every day by delivering a full, fresh and friendly shopping experience with zero compromise on quality, selection and convenience. Looking forward, Kroger’s go-to-market strategy positions us well in a wide range of economic environments to continue to deliver for our customers, invest in our associates and achieve sustainable and attractive returns for shareholders.”
