Kroger Surges After Releasing Positive Revenue Forecast
Sep 9, 2022 By MarketDepth
Kroger (KR:NYQ) posts impressive earnings and raises full-year forecasts. The increase comes as people are shifting to preparing food at home and buying private-label goods.
Kroger shares popped 5% intraday on the positive news.
Earnings for the fiscal year came in at $4.05 a share, which is up from $3.95 forecasted per share. With inflation pressures pushing more consumers to make meals at home, grocery stores are cashing in.
“Our consistent execution of this strategy is building momentum in our business which, combined with sustained food-at-home trends, gives us the confidence to raise our full-year guidance.”Chief Financial Officer Gary Millerchip said in the statement
Sales at the grocer rose 9% to $34.6 billion and exceeded analyst expectations of $34.4 billion. The big increase has been on Krogers private label brand named “Our brands”, which saw a 10% gain in sales.