The Kroger Co. (NYSE: KR) reported lower adjusted earnings for the second quarter of 2024, while the grocery chain’s sales remained unchanged. Earnings exceeded Wall Street’s projections.
The Cincinnati-headquartered company reported net sales of $33.9 billion for the July quarter, which is broadly unchanged from the year-ago quarter. Identical sales, without fuel, increased by 1.2%.
Net income, excluding special items, decreased to $0.93 per share in the second quarter from $0.96 in the year-ago quarter, but beat estimates. On an unadjusted basis, net earnings were $466 million or $0.64 per share in Q2, compared to a loss of $180 million or $0.25 per share last year.