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Kroger Co KR reported third-quarter FY21 sales growth of 7.2% year-on-year, to $31.86 billion, beating the analyst consensus of $31.23 billion.
- Identical Sales without fuel increased 3.1%; the two-year stack increased 14.0%.
- Adjusted EPS of $0.78 beat the analyst consensus of $0.66.
- The gross margin was 21.66%, and the FIFO gross margin rate, excluding fuel, decreased 41 basis points Y/Y.
- Operating, general and administrative expenses declined 0.3% Y/Y to $5.18 billion.
- The operating margin was 2.7%, and operating income for the quarter rose 9.6% to $868 million.
- Kroger held $2.29 billion in cash and equivalents as of November 6, 2021. Net cash provided by operating activities for the nine months totaled $4.79 billion.
- Outlook: Kroger sees FY21 adjusted EPS of $3.40 - $3.50 (prior view $3.25 - $3.35), above the consensus of $3.34.
- The company expects the two-year identical sales stack of 13.7% - 13.9% (prior view 12.6% - 13.1%).
- Price Action: KR shares traded higher by 9.82% at $44.16 on the last check Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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