Kroger plunges after guidance comes up short
- Kroger reported fourth quarter earnings and 2019 guidance that was below Wall Street expectations.
- The stock fell more than 8% in pre-market trading Thursday morning.
- Watch Kroger trade live.
Kroger reported disappointing fourth-quarter results and full-year 2020 guidance Thursday morning, sending shares down more than 8%.Adjusted earnings per share came in at $0.48, missing the $0.53 that analysts surveyed by Bloomberg were expecting.
"We reached our FIFO operating profit goal and finished the year with sales and business momentum," McMullen said in the press release. "We have a clear path to achieve $400 million in incremental FIFO operating profit growth and $6.5 billion in cumulative Restockcash flow by the end of 2020."The grocery-store chain provided 2019 full-year earnings guidance of $2.15 to $2.25, missing the Bloomberg consensus of $2.28.
The company also noted that its board of directors raised its dividend for the 12th straight year in 2018, paying $0.53 a share for fiscal year 2018.Kroger was up 3.4% this year through Wednesday.
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