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Grocery chain Kroger (KR) +3% as demand for food drives growth in Q4
Retail company Kroger (KR) made share gains of 3% on Thursday after its growing market share helped it to post fiscal Q4 earnings and revenue beats.
For the three months to 31st January 2021, Kroger logged $0.81 earnings per share on an adjusted basis to beat the Wall Street consensus by 12 cents.
However, its net loss of $77m was a notable swing from the $327m profit that it posted during the same period in early 2020, though it did have to pay a $989m tax–related charge.
Revenue was in better shape, climbing 6.4% year over year to $30.74bn, though falling short of the $30.82bn FactSet estimates.
Same-store sales grew 10.6% during the period versus the +10.2% forecasts.
Chairman and chief executive Rodney McMullen reflected on positive trading conditions for Kroger as consumers flocked to the grocery chain for all manner of goods over Christmas and into the new year.
He added: “[Heightened] demand for fresh, convenient food and meal solutions across modalities, including in-store, pick up and home delivery, continued throughout the fourth quarter.”
Kroger has been investing in its digital capabilities in recent months and prioritised a “relentless focus” on customers amid the pandemic.
Its digital platform is already thriving, with e–commerce sales having soared 116% during the full fiscal year.
For FY2022, Kroger forecast earnings between $2.75 and $2.95, which is higher than the $2.69 consensus.
CFO Garry Millerchip said that the Cincinnati-based company is planning to enact cost–saving initiatives to go along with its investments in other areas.
Kroger shares jumped to a 52-week high in January, but they have since retreated 23%.
KR was trading higher on Thursday though as it climbed 3.67% to $34.47.
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