Shares of Kroger Co. KR, -1.25% rose 1.5% in premarket trading Thursday, after the grocery-store giant reported fiscal first-quarter earnings and sales that topped expectations, and affirmed its full-year guidance. Net income for the quarter to May 25 fell to $772 million, or 95 cents a share, from $2.03 billion, or $2.37 a share. Excluding non-recurring items, adjusted earnings per share slipped to 72 cents from 73 cents but was above the FactSet consensus of 71 cents.
Sales fell to $37.25 billion from $37.72 billion, but beat the FactSet consensus of $37.19 billion. The latest-quarter results reflect the divestiture of its convenience-store business. Identical sales grew 1.5%, while digital sales increased 42%. Kroger confirmed its 2019 guidance ranges for identical sales growth of 2.00% to 2.25% and for adjusted EPS of $2.15 to $2.25. The stock has lost 14.0% year to date through Wednesday, while the Dow Jones Industrial Average DJIA, +0.15% has gained 13.
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