Kroger tumbles after missing on sales
- Kroger beat on profits but missed on sales.
- The grocer reiterated its full-year guidance.
- Shares dropped more than 7% ahead of Thursday's opening bell.
- Watch Kroger trade in real-time here.
Kroger shares plunged more than 7% ahead of Thursday's opening bell after missing Wall Street's sales forecast.
The grocer posted revenue of $27.9 billion, missing the $28.6 billion that was expected by Wall Street analysts, according to Bloomberg data. Kroger said it earned $0.41 per share after adjusting for some pre-tax gains, topping the $0.38 that was expected.
"We are only two quarters into our three year Restock Kroger plan, and we are making solid progress," CEO Rodney McMullen said in the earnings release.
"Kroger customers have more ways than ever to engage with us seamlessly through our recently-launched Kroger Ship, expanded availability of Instacart, successful ClickList offering, and selling Simple Truth in China through Alibaba's Tmall."
Looking ahead, the company reiterated its earnings guidance for the current fiscal year, which is $2.00 to $2.15 per share after adjusting some items. Analysts were expecting $2.12.
Kroger is up 3.5% this year through Wednesday.
Now read:
- A fund manager who's crushing nearly all of her peers breaks down 3 under-the-radar stocks driving her strong performance
- Wall Street is turning its back on a crucial part of the tech industry - and it's threatening to tank stocks across the entire sector
- Oracle's head of cloud left after butting heads with Larry Ellison, source says
