Kroger rises on earnings beat, dividend hike and buybacks
+2.70% to $58.49 from $56.95
What moved KR
- Kroger reported fiscal second-quarter earnings of $1.05 per share, beating estimates, on revenue of $34.6 billion that was roughly in line with expectations.
- The company cut its identical-sales outlook, excluding fuel, to a range of 0.2%-0.8% from a prior forecast of 1%-2%, citing about a 140-basis-point drag from Inflation Reduction Act provisions that hit pharmacy revenue.
- Kroger reaffirmed full-year adjusted earnings guidance of $5.10 to $5.30 per share.
- The company repurchased $1 billion of its shares during the quarter and raised its quarterly dividend 11%, extending its streak of annual dividend increases to 20 years.
Sources: Investing.com · qz.com