Kroger (NYSE:KR) earnings for the retail company’s second quarter of 2020 have KR stock down on Friday. That’s despite its adjusted earnings per share of 73 cents beating out Wall Street’s estimate of 55 cents. It’s revenue of $30.49 billion also comes in above analysts’ estimates of $29.95 billion.
Here’s what else is worth mentioning from the most recent Kroger earnings report.
- Adjusted per-share earnings are up 65.9% from 44 cents during the same time last year.
- Revenue for the quarter comes in 8.2% higher than the $28.17 billion reported in Q2 2019.
- Operating income of $820 million is a 46.7% increase year-over-year from $559 million.
- The Kroger earnings report also includes a net income of $819 million.
- That’s a 175.8% surge over the company’s net income of $297 million from the same period of the year prior.
Rodney McMullen, chairman and CEO of Kroger, said this in the earnings report.
“We delivered extremely strong results in the second quarter and expect to deliver consistently attractive total shareholder returns. We are more certain than ever that the strategic choices and investments made through Restock Kroger to execute against our competitive moats – Fresh, Our Brands, Personalization and Seamless – have positioned Kroger to meet the moment, especially as customers are rediscovering their passion for food at home.”
Kroger also includes 2020 guidance in its earnings report. It’s expecting adjusted EPS to range from $3.20 to $3.30. Wall Street’s estimate is for adjusted EPS of $2.90 for the full year of 2020.
KR stock was down 1% as of Friday afternoon.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
