Department store chain The Kroger Co. (NYSE: KR) on Thursday said its third-quarter sales and adjusted earnings increased year-over-year. The latest numbers also exceeded the market’s expectations.
Net earnings attributable to the company, on an adjusted basis, rose to $0.88 per share in the October quarter from $0.78 per share a year earlier, surpassing the consensus estimates. Unadjusted profit, meanwhile, dropped to $398 million or $0.55 per share from $483 million or $0.64 per share in the same period of last year.
The bottom-line growth, on an adjusted basis, was driven by a 7% increase in net sales to $34.2 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 Q3 2022 earnings
“Kroger achieved strong results in the third quarter as we continue to execute our Leading with Fresh and Accelerating with Digital strategy. Our associates are doing an outstanding job delivering a full, fresh, and friendly experience across our seamless store and digital ecosystem,” said Kroger’s CEO Rodney McMullen.