(RTTNews.com) - While reporting its third-quarter financial results today, grocery chain operator Kroger Co. ( KR ) narrowed its earnings outlook for fiscal 2016. The company also projects fiscal 2017 net earnings growth to likely be below the low end of its long-term growth rate outlook range of 8 percent to 11 percent.
For fiscal 2016, Kroger narrowed its outlook for net earnings to a range of $2.03 to $2.08 per share from the prior range of $2.03 to $2.13 per share. Kroger's outlook for full-year adjusted net earnings is now $2.10 to $2.15 per share, compared to the prior range of $2.10 to $2.20 per share.
On average, twenty five analysts polled by Thomson Reuters expect the company to earn $2.13 per share for the year. Analysts' estimates typically exclude special items.
Further ahead, for fiscal 2017, the company projects net earnings growth will likely be below the low end of its long-term growth rate outlook range of 8 percent to 11 percent. The Street expects earnings of $2.28 per share for the year.
Kroger is completing its business plan process for 2017 and will provide specific 2017 guidance in March. The company anticipates both positive identical supermarket sales and net earnings per diluted share growth, excluding the 53rd week.
Over the long term, Kroger said it is committed to achieving net earnings per share growth rate of 8 percent to 11 percent, plus a growing dividend.
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