Kroger Non-GAAP EPS of $1.51 beats by $0.06, revenue of $45.16B misses by $70M
- Kroger press release (NYSE:KR): Q1 Non-GAAP EPS of $1.51 beats by $0.06.
- Revenue of $45.16B (+1.3% Y/Y) misses by $70M.
- Shares +1.7% PM.
- Identical Sales without fuel increased 3.5% with underlying growth of 5.0%.
- Reaffirmed FY2023 Outlook: Identical sales without fuel of 1.0% – 2.0%, with underlying growth of 2.5% – 3.5% after adjusting for the effect of Express Scripts; Adjusted net earnings per diluted share of $4.45 - $4.60 vs. consensus of $4.50; Adjusted FIFO Operating Profit of $5B - $5.2B; Effective tax rate of 23%; Capital expenditures of $3.4B - $3.6B;
- Increased Adjusted Free Cash Flow outlook to $2.5B to $2.7B from prior $2.3B - $2.5B.
- CEO comment: "Looking forward, Kroger's go-to-market strategy positions us well in a wide range of economic environments to continue to deliver for our customers, invest in our associates and achieve sustainable and attractive returns for shareholders."