Kroger Co. (NYSE: KR) reported its fiscal first-quarter financial results before the markets opened on Thursday. The company said that it had $0.70 in earnings per share (EPS) on $34.6 billion in revenue. Consensus estimates from Thomson Reuters called for $0.69 in EPS on revenue of $34.88 billion. In the same period of last year, the retailer posted EPS of $0.63 and $33.05 billion in revenue.
For this quarter, total sales increased 4.7% while total sales, excluding fuel, increased 7.8% in the first quarter, compared to the same period last year. Total sales, excluding fuel and Roundy’s, increased 3.5% in the first quarter compared to the same period last year.
In terms of guidance for this fiscal year, the company expects to have EPS in the range of $2.19 to $2.28 with its identical supermarket sales growth guidance, excluding fuel, of approximately 2.5% to 3.5%. The consensus forecast is $2.25 EPS on $116.78 billion in revenue.
On the books, Kroger cash and cash equivalents totaled $391 million at the end of the quarter, versus $252 million at the end of the same period from last year.
Rodney McMullen, chairman and CEO of Kroger, commented on earnings:
We are very pleased with a solid quarter during which we continued to strengthen our connection with customers and expand our ClickList offering to more customers in more markets. Fifty consecutive quarters of positive identical supermarket sales growth, excluding fuel, is extraordinary. Our associates work tirelessly to produce these consistently remarkable results. We’ve been through all kinds of business cycles during the last 50 quarters, and we’ve demonstrated time and again that regardless of the environment, you can count on Kroger to continue executing our strategy, investing in growth and creating value for our customers and shareholders.
Shares of Kroger were up 2.8% to $36.71 just after Thursday’s opening bell, with a consensus analyst price target of $41.91 and a 52-week trading range of $27.32 to $42.75.
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