In this file:
· Kroger's 2020 profit, same-store sales estimates top expectations
· Kroger stock rises after $1 billion share buyback announced
Kroger's 2020 profit, same-store sales estimates top expectations
Reporting by Nivedita Balu in Bengaluru; Editing by Shinjini Ganguli, Reuters
November 5, 2019
(Reuters) - Kroger Co (KR.N) on Tuesday forecast next year’s profit and same-store sales ahead of analysts’ estimates, as the supermarket chain benefits from its efforts to modernize stores, enhance delivery and improve product assortments.
In the face of growing competition in the U.S. grocery space, recently disrupted by online retail giant Amazon.com (AMZN.O), Cincinnati-based Kroger has been slashing prices and boosting investments in technology to attract more shoppers.
Under its two-year-old “Restock Kroger” program, the company has also been focusing on private-label brand display, rearranging store layouts and expanding services such as home delivery and self checkouts.
“Restock Kroger sets Kroger up for a stronger future... Momentum is returning to our core grocery business,” Chief Executive Officer Rodney McMullen said.
The company forecast adjusted profit between $2.30 and $2.40 per share in 2020, and identical sales growth, excluding fuel, to be greater than 2.25%.
Analysts are expecting the company to earn $2.30 per share in 2020 and report same-store sales growth of 1.99%, according to IBES data from Refinitiv.
Shares of Kroger were up more than 2% before the bell.
Kroger also said it expects capital investments...
Kroger stock rises after $1 billion share buyback announced
By Tonya Garcia, MarketWatch
Nov 5, 2019
Kroger Co. shares rose 2.8% in Tuesday premarket trading after the grocer announced a $1 billion share buyback program during its investor meeting.
The program replaces the existing share repurchase plan. Kroger also reaffirmed its 2019 guidance for EPS of $2.15 to $2.25. FactSet is guiding for $2.19.
Same-store sales, excluding fuel, are expected to grow 2% to 2.25%.
FactSet is guiding for 2% growth.
For 2020, Kroger is guiding for same-store sales growth, excluding fuel, to be "greater than" 2.25% and adjusted EPS in the range of $2.30 to $2.40.
The FactSet outlook is...