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Supermarket Chain Jumps After Beating Estimates, Raising Guidance

July 26, 2023
in Trade Tube
Reading Time: 1 min read
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Shares of Kroger were the best performer of the S&P 500 on Thursday making it TheStreet’s Move of the Day. The largest U.S. supermarket chain rallied after forecasting a better-than-expected full-year profit thanks to higher margins on lower fuel costs. The company said it expects profits of at least $3.80 to $3.90 a share for its fiscal year ending January 2016, far better than average analysts’ estimates of $3.72. Kroger also benefited from its acquisition last year of Harris Teeter Supermarkets. Fourth-quarter earnings rose 23% to $1.04 a share, $0.14 higher than expected. Sales jumped 8.5% to more than $25 billion.

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