- Kroger Co (NYSE:KR) reported first-quarter FY22 sales growth of 8% year-on-year to $44.60 billion, beating the consensus of $44.24 billion.
- Identical Sales without fuel increased by 4.1%.
- Adjusted EPS of $1.45 beat the analyst consensus of $1.30.
- The gross margin was 21.6%, and the FIFO gross margin rate, excluding fuel, decreased 26 basis points Y/Y.
- Operating, general and administrative expenses declined 5.8% Y/Y to $6.9 billion.
- The operating margin was 3.4%, and operating income for the quarter rose 86.9% to $1.505 billion.
- Kroger held $1.4 billion in cash and equivalents as of May 21, 2022. Net cash provided by operating activities year-to-date totaled $1.1 billion.
- The company had a total debt of $13.6 billion as of May 21, 2022.
- Outlook: Kroger raised the FY22 adjusted EPS outlook to $3.85 - $3.95 (prior outlook $3.75 - $3.85) versus the consensus of $3.84.
- It expects an FY22 operating profit of $4.3 billion - $4.4 billion and capital expenditures of $3.8 billion - $4.0 billion.
- Price Action: KR shares are trading lower by 3.60% at $49.05 in premarket on the last check Thursday.
- Photo via Wikimedia Commons
