The Kroger Co. (NYSE: KR) reported its second quarter 2023 earnings results today.
Total company sales dropped to $33.9 billion from $34.6 billion in the same period last year, missing consensus estimates of $34.1 billion. Identical sales, without fuel, increased 1%.
Net loss attributable to the Kroger Co. was $180 million, or $0.25 per share, compared to a net income of $731 million, or $1.00 per share, last year. Adjusted EPS amounted to $0.96, beating projections of $0.91.
The company’s earnings results include a $1.4 billion charge related to a nationwide opioid settlement framework.
For the full year of 2023, identical sales, ex-fuel, is expected to grow 1-2% while adjusted EPS is expected to range between $4.45-4.60.
The stock dropped over 2% in premarket hours on Friday following the announcement.