Kroger’s (NYSE: KR) profit slid 7.8% in the second quarter, as the supermarket chain has been forced to trim prices more boldly amid growing competition in the space.
Here's what Kroger reported compared to what Wall Street was expecting.
• Earnings of 39 cents a share measured up to a forecast profit of 39 cents per share.
• Revenue was $27.6 billion versus an estimate of $27.5 billion.
• Same-store sales excluding fuel climbed 0.7%, better than the expected 0.4% growth.
"Our second quarter results demonstrate the progress we've made," CEO Rodney McMullen said in a statement.
"We had strong growth in both loyal and total households," he added. "Traffic is up, unit movement is up, market share is up, and our customers' price perception is excellent and continues to improve."
Net income fell to $353 million, or 39 cents per share, from $383 million, or 40 cents per share, one year ago. Excluding one-time charges, Kroger's earnings-per-share came in at 47 cents in the second-quarter of 2016.
Total sales climbed 3.9%, to $27.60 billion.
Looking ahead, Cincinnati-based Kroger has reaffirmed its outlook for the remainder of the year. But the retailer said on Friday that those expectations don't include any impact from hurricanes Harvey and Irma.
Shares in the grocer gave back $1.42, or 6.2%, to $21.35 soon after Friday’s opening bell, to sit within a 52-week trading range of $20.46 to $36.44
