Grocery chain The Kroger Co. (NYSE: KR) reported a decline in adjusted profit for the first quarter of 2024, despite a modest increase in net sales. The results exceeded Wall Street’s projections.
The Cincinnati-headquartered company reported net sales of $45.27 billion for the April quarter, compared to $45.17 billion for the same period last year. Identical sales, without fuel, increased by 0.5%. The top line came in above analysts’ estimates.
Net income, excluding special items, decreased to $1.43 per share in the first quarter from $1.51 per share in the year-ago quarter. On an unadjusted basis, net earnings were $947 million or $1.29 per share in Q1, compared to $962 million or $1.32 per share last year.