Why Retail Giant Kroger's Shares Are Moving Higher Today
Portfolio Pulse from Shivani Kumaresan
Kroger Company (NYSE:KR) shares rose after reporting a 6.4% year-on-year sales growth for Q4 FY23, with $37.064 billion in sales, slightly below analyst expectations. Adjusted EPS of $1.34, excluding the 53rd week, beat the consensus of $1.13. Gross margin was 22.7%, and operating income increased by 44.5% to $1.2 billion. Kroger ended the quarter with $1.88 billion in cash and forecasts FY24 adjusted EPS of $4.30-$4.50. Shares are up 7.11% at $54.08.
March 07, 2024 | 2:53 pm
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POSITIVE IMPACT
Kroger's Q4 FY23 report showed strong sales growth and a significant beat on adjusted EPS expectations, leading to a 7.11% increase in stock price to $54.08.
Kroger's positive earnings report, particularly the beat on adjusted EPS and the optimistic FY24 EPS forecast, likely contributed to investor confidence, driving the stock price up. The increase in operating income and gross margin improvements indicate operational efficiency and profitability, further supporting the stock's positive momentum.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100