Kroger beats by $0.04, reports revs in-line; raises bottom end of FY24 guidance
- Reports Q3 (Oct) earnings of $0.95 per share, excluding non-recurring items, $0.04 better than the FactSet Consensus of $0.91; revenues fell 0.7% year/year to $33.96 bln vs the $33.9 bln FactSet Consensus.
- Co issues in-line guidance for FY24, sees EPS of $4.50-4.60 from $4.45-4.60, excluding non-recurring items, vs. $4.51 FactSet Consensus. Identical sales without fuel of 0.6% -- 1.0%, with underlying growth of 2.1% -- 2.5% after adjusting for the effect of Express Scripts. Adjusted FIFO Operating Profit of $4.9 -- $5.0 billion.
- Kroger expects to continue to generate strong free cash flow and remains committed to investing in the business to drive long-term sustainable net earnings growth, as well as maintaining its current investment grade debt rating. The Company expects to continue to pay its quarterly dividend and expects this to increase over time, subject to board approval. Kroger has paused its share repurchase program to prioritize de-leveraging following the proposed merger with Albertsons.
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