Kroger rises after quarterly sales, profit beat
BUZZ-Kroger rises after quarterly sales, profit beat Updates
** Shares of Kroger KR.N reverse premarket losses to rise ~4% at $58.97 in early trading
** Co reports quarterly results beat on demand even as it cut its annual identical sales forecast, bracing for weaker consumer spending even on essentials
** Q2 sales of $34.62 billion, narrowly beat estimates of $34.58 billion, adjusted EPS of $1.09 surpasses expectations of $1.06 - data compiled by LSEG
** Co, which maintains annual profit forecast, expects full-year identical sales to grow between 0.2% and 0.8%, including 140-basis-point headwind from Inflation Reduction Act, compared with prior 1.0% to 2.0% rise forecast
** Q2 identical sales growth of 0.2% from 3.4% a year ago, misses estimates of 0.9% growth
** Expectations into the print were for identical sales to come in light, J.P. Morgan analysts say
** Up to last close, stock down ~9% YTD
(Reporting by Shania S Thomas in Bengaluru)