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Kroger Stock Rises on Q1 Earnings Beat Despite Sales Miss
Kroger Stock Rises on Q1 Earnings Beat Despite Sales Miss
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Kroger shares gained in pre-market trading after posting Q1 adjusted EPS of $1.49, surpassing the $1.45 consensus. Revenue of $45.12 billion narrowly missed estimates, but identical sales growth accelerated to 3.2% from 0.5% YoY.
The grocer's margins expanded to 23% on pharmacy divestiture and cost controls, offset by a $100 million impairment charge for planned store closures. The results come amid controversy over food safety incidents at Kroger and rival Walmart locations.
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