The Kroger Company (NYSE: KR) reported stronger-than-expected profit for the third quarter of 2020. The supermarket chain also raised its guidance for fiscal 2020. The top-line missed the Street view.
Total sales increased to $29.72 billion in the October-quarter from $27.97 billion last year but missed analysts’ forecast.
Third-quarter adjusted earnings moved up to $0.71 per share from $0.47 per share in the corresponding period of last year. Analysts were looking for slightly slower growth. Net income attributable to the company was $631 million or $0.80 per share, compared to $263 million or $0.32 per share in the year-ago period.
Kroger’s stock had a positive start to the year and stayed largely unaffected by the COVID-related slowdown. The stock has gained about 13% since the beginning of the year. It closed the last trading session lower and dropped further during Thursday’s premarket session, soon after the announcement.
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