Kroger cut full-year identical sales guidance to 0.2%-0.8% from 1.0%-2.0%, with quarterly identical sales without fuel growing just 0.2% versus 3.4% a year ago. Management held adjusted EPS guidance of $5.10 to $5.30 and bought back $1.0 billion of stock in the quarter, so the profit story is intact while the traffic story weakens.
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