Kroger Co (NYSE:KR) released its earnings report for the second quarter of 2016 on Friday and InvestorPlace has collected some highlights from it.
Here are a few things to know about Kroger Co’s earnings report for the second quarter of 2016.
- Revenue reported by KR for the second quarter of 2016 was $26.6 billion.
- This is a 4% increase over the $25.5 billion it reported during the same time last year.
- Wall Street was expecting the company to report revenue of $26.79 billion during the second quarter of 2016.
- Gross margin of sales for the second quarter of 2016 was 22.1%.
- Kroger Co also reported adjusted net earnings of $454 million in the second quarter of 2016.
- This is an increase over the adjusted net earnings of $433 million reported during the second quarter of 2015.
- Earnings per share reported by KR in the second quarter of 2016 was 47 cents.
- Kroger Co reported earnings per share of 44 cents during the same period in 2015.
- Wall Street was expecting earnings per share of 45 cents for the second quarter of the year.
- The company was able to reduce its effective income tax rate to 31.1% for the second quarter of 2016.
- It’s effective income tax rate from the same time last year 34.4%.
- This decrease resulted in the company reducing tax expenses by $23 million, or 2 cents per share.
Kroger Co also updated its guidance for 2016 in its second quarter earnings report. It now expects earnings per share for the full year of 2016 to be between $2.10 and $2.20. This is down from its previous guidance of $2.19 to $2.28. Wall Street is looking for earnings per share to be $2.22 for the year.
KR stock was up slightly as of Noon Friday.
