Shares of the retailer The Kroger Co. (NYSE: KR) were down in pre-market trading at the time of writing on Thursday even as the company reported Q1 adjusted earnings of $1.51 per share versus $1.45 per share in the same period last year and beating consensus estimates of $1.46 per share.
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The retailer’s Q1 revenues were up by 1.3% year-over-year to $45.2 billion versus analysts’ estimates of $45.3 billion. Comparable sales (excluding fuel) were up 3.5% in Q1.
Looking forward, the company’s management reiterated its FY23 guidance and expects comparable sales (excluding fuel) in the range of 1% to 2% and adjusted earnings are forecasted to be between $4.45 and $4.60 per diluted share.
Analysts are bullish about KR stock with a Strong Buy consensus rating based on four Buys and one Hold.
