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- Kroger tops third quarter expectations
- Founded: 1883
- Headquarters: Cincinnati, Ohio, United States
- Number of employees: 465,000 (2022)
- Industry: Retail
- Key people: Rodney McMullen (CEO & Chairman)
- Korger reported revenue of $33.957 billion for the quarter, narrowly beating analyst estimate of $33.903 billion.
- Earnings per share reported at $0.95 per share vs. $0.907 per share expected.
- CEO commentary
- 1 month: -1.59%
- 3 months: -3.69%
- Year-to-date: +0.22%
- 1 year: -7.71%
- Telsey Advisory Group: $44.88
- Roth MKM: $48
- Deutsche Bank: $50
- Bernstein: $54
- BMO Capital: $45
- Northcoast Research: $60
- Volatility never sleeps. Trade over earnings releases as they happen outside of main trading hours
- Reduce your risk and hedge your existing positions ahead of a new trading day
- Extended trading hours on popular US stocks means extended opportunities
News & AnalysisOne of the largest food retailers in the United States, Kroger Co. (NYSE: KR), announced Q3 earnings results before the opening bell in Wall Street on Thursday.
Company overview
The results
Rodney McMullen, CEO of the company had this to say in the letter to investors after the release of Q3 results: “Kroger’s third quarter results highlight the strength and diversity of our business model in a challenged operating environment, as strong fuel performance and growth in our alternative profit businesses supported continued adjusted net earnings per diluted share growth. As consumer spending tightens, we are focused on providing customers with exceptional value. By maintaining our long-term commitment to lower prices, personalised promotions and rewards, we are growing households and increasing loyalty, positioning Kroger for sustainable future growth. We appreciate our associates and continue to invest in wages, benefits and training, which is resulting in continued improvements in our customer experience.
“Our model’s strength allows us to navigate many economic environments. We remain committed to balancing investments in associates and greater value for our customers while continuing to generate attractive and sustainable returns for our shareholders,” McMullen highlighted the importance of the companies strategy to continue deliver solid results in the future.
Stock reaction
The stock had a positive reaction following the Q3 results announcement. Shares were up by just over 2% at $44.59 a share.
Stock performance
Kroger stock price targets
Kroger Co. is the 549th largest company in the world with a market cap of $32.29 billion.
You can trade Kroger Co. (NYSE: KR) and many other stocks from the NYSE, NASDAQ, HKEX, ASX, LSE and DE with GO Markets as a Share CFD.
GO Markets now offers pre-market and after-market trading on popular US Share CFDs.
Trade the pre-market session: 4:00am to 9:30am, normal session, and after-market session: 4:00pm to 8:00pm, Eastern Standard Time.
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Sources: Kroger Co., TradingView, MarketWatch, TipRanks, Benzinga, CompaniesMarketCap, FactSet
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Disclaimer: Articles are from GO Markets analysts and contributors and are based on their independent analysis or personal experiences. Views, opinions or trading styles expressed are their own, and should not be taken as either representative of or shared by GO Markets. Advice, if any, is of a ‘general’ nature and not based on your personal objectives, financial situation or needs. Consider how appropriate the advice, if any, is to your objectives, financial situation and needs, before acting on the advice. If the advice relates to acquiring a particular financial product, you should obtain and consider the Product Disclosure Statement (PDS) and Financial Services Guide (FSG) for that product before making any decisions.
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