Kroger tumbles after missing on sales

Apeel Sciences

Kroger shares plunged more than 7% ahead of Thursday’s opening bell after missing Wall Street’s sales forecast.

The grocer posted revenue of $US27.9 billion, missing the $US28.6 billion that was expected by Wall Street analysts, according to Bloomberg data. Kroger said it earned $US0.41 per share after adjusting for some pre-tax gains, topping the $US0.38 that was expected.

“We are only two quarters into our three year Restock Kroger plan, and we are making solid progress,” CEO Rodney McMullen said in the earnings release.

“Kroger customers have more ways than ever to engage with us seamlessly through our recently-launched Kroger Ship, expanded availability of Instacart, successful ClickList offering, and selling Simple Truth in China through Alibaba’s Tmall.”

Looking ahead, the company reiterated its earnings guidance for the current fiscal year, which is $US2.00 to $US2.15 per share after adjusting some items. Analysts were expecting $US2.12.

Kroger is up 3.5% this year through Wednesday.

Now read:

KRBusiness Insider

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.