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Supermarket chain Kroger's sales beat, but forecast disappoints

Supermarket chain Kroger's sales beat, but forecast disappoints

By REUTERS

FILE-A logo of Kroger is displayed on a monitor above the floor of the New York Stock Exchange shortly after the opening bell in New York, US, December 5, 2017. Photo: Reuters

FILE-A logo of Kroger is displayed on a monitor above the floor of the New York Stock Exchange shortly after the opening bell in New York, US, December 5, 2017. Photo: ReutersBENGALURU: Supermarket chain Kroger Co (KR.N) reported quarterly net sales that beat analysts’ estimates, but issued a disappointing full-year profit forecast, sending its shares down 7 percent in premarket trading. Sales rose to $31.03 billion from $27.61 billion in the fourth quarter ended Feb. 3. Analysts had expected sales of $30.83 billion, according to Thomson Reuters I/B/E/S. Net earnings attributable to Kroger rose to $854 million, or 96 cents per share, from $506 million, or 53 cents per share, a year earlier. The company said it expects full-year 2018 earnings of $1.95 per share to $2.15 per share, largely below the $2.15 analysts on average were expecting.