Why Kroger Stock Is Sliding

Kroger Co KR shares are trading lower Thursday after the company announced financial results.

Kroger reported first-quarter revenue of $44.6 billion, which beat the estimate of $44.24 billion, according to data from Benzinga Pro. First-quarter revenue increased 3.8% year-over-year, excluding fuel. 

Kroger reported quarterly adjusted earnings of $1.45 per share, which beat the estimate of $1.30 per share. 

"Looking ahead, we are well positioned to continue delivering for our customers, investing in our associates, and driving sustainable returns for shareholders," said Rodney McMullen, chairman and CEO of Kroger.

Kroger also raised its full-year adjusted earnings guidance from a range of $3.75 to $3.85 per share to a range of $3.85 to $3.95 per share.

Related Link: Kroger Q1 Earnings Top Estimates; Raises FY22 Guidance

KR Price Action: Kroger has traded between $62.78 and $36.77 over a 52-week period.

The stock was down 3.5% at $49.10 at time of publication.

Photo: Virginia Retail from Flickr.