Department store chain The Kroger Co. (NYSE: KR) reported strong growth in first-quarter sales and earnings. The company also provided full-year guidance.
Net earnings attributable to the company, on an adjusted basis, increased to $1.45 per share in the April quarter from $1.19 per share a year earlier, surpassing the consensus estimates. First-quarter unadjusted profit rose to $664 million or $0.90 per share from $140 million or $0.18 per share in the same period of last year.
The bottom-line growth was driven by an 8% increase in net sales to $44.6 billion. Analysts had predicted a slightly slower growth. The company also provided guidance for the full fiscal year.
Check this space to read management/analysts’ comments on Kroger’s Q1 2022 earnings
“Looking ahead, we are well-positioned to continue delivering for our customers, investing in our associates, and driving sustainable returns for shareholders,” said Kroger’s CEO Rodney McMullen.