The Kroger Co.KR , one of the largest grocery retailers, came out with first-quarter fiscal 2016 results, wherein earnings of 70 cents per share beat the Zacks Consensus Estimate by a penny and surged 12.9% from the prior-year quarter.
Management repeated its fiscal 2016 guidance. The company expects fiscal 2016 earnings per share in the range of $2.19-$2.28 per share.
KROGER CO Price and EPS Surprise
Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2016 and 2017 has been unchanged over the past 30 days. In the trailing four quarters (excluding the quarter under review), the company has outperformed the Zacks Consensus Estimate by an average of 7.3%.
Revenues: Kroger generated total revenue of $34,604 million that increased 4.7% year over year but came below the Zacks Consensus Estimate of $34,663 million. The company's identical supermarket sales, without fuel, grew 2.4%, marking 50th consecutive quarter of growth.
Kroger envisions identical supermarket sales (excluding fuel) growth of 2.5% to 3.5% for fiscal 2016.
Zacks Rank: Currently, Kroger carries a Zacks Rank #4 (Sell) which is subject to change following the earnings announcement.
Stock Movement: Kroger's shares are up nearly 3.2% during pre-market trading hours following the earnings release.
Check back later for our full write up on Kroger's earnings report!
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