Kroger Co. Raises Full Year Guidance; Q3 Profit Beats Estimates

(RTTNews) - While reporting third-quarter results on Thursday, The Kroger Co. (KR) increased its full-year guidance. Also, the company said it remains confident in its ability to deliver total shareholder returns of 8% to 11% over time.

For the full year 2021, the company expects earnings in a range of $3.40 - $3.50 per share. Adjusted identical sales are projected to decline in a range of 0.4% - 0.2%. The company now expects two-year identical sales stack to be in the range of 13.7% to 13.9%. Analysts polled by Thomson Reuters expect the company to report profit per share of $3.34.

Third-quarter adjusted profit per share was $0.78 compared to $0.71, prior year. On average, 20 analysts polled by Thomson Reuters expected the company to report profit per share of $0.66, for the quarter. Analysts' estimates typically exclude special items. Adjusted FIFO operating profit increased to $974 million from $871 million.

Net profit was $483 million or $0.64 per share compared to $631 million or $0.80 per share, prior year.

Total company sales were $31.9 billion, compared to $29.7 billion, last year. Excluding fuel, sales increased 2.9%. Analysts on average had estimated $31.23 billion in revenue.

Identical sales without fuel increased 3.1%, for the quarter. Two-year identical sales stacked were up 14.0%. Shares of Kroger Co. were up 6% in pre-market trade on Thursday.