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Thursday, March 7, 2019

=Kroger (KR) reported earnings on Thur 7 March 19 (b/o)

Kroger misses by $0.04, misses on revs; guides FY20 EPS below consensus
  • Reports Q4 (Jan) earnings of $0.48 per share, excluding non-recurring items, $0.04 worse than the S&P Capital IQ Consensus of $0.52; revenues fell 9.5% year/year to $28.09 bln vs the $28.38 bln S&P Capital IQ Consensus. Identical sales without fuel at 1.9% vs 1.8% estimate 
    • Gross margin was 22.0% of sales for the fourth quarter. Excluding fuel, the 53rd week, and the LIFO credit, gross margin decreased 93 basis points from the same period last year due mostly to changes in mix and investments in supply chain, as well as investments in price.
  • Co issues downside guidance for FY20, sees EPS of $2.15-2.25 vs. $2.26 S&P Capital IQ Consensus.
    • Kroger is targeting identical sales growth, excluding fuel, to range from 2.0% to 2.25% in 2019.
    • The company expects capital investments, excluding mergers, acquisitions, and purchases of leased facilities, to range between $3.0 and $3.2 billion in 2019.

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