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Kroger Co. Q2 Profit Tops Estimates; Expects FY20 Adj. EPS Growth Of Approx. 45%-50%

The Kroger Co. (KR) reported second quarter adjusted earnings per share of $0.73 compared to $0.44, prior year. On average, 21 analysts polled by Thomson Reuters expected the company to report profit per share of $0.55, for the quarter. Analysts' estimates typically exclude special items.

Second quarter sales were $30.5 billion, compared to $28.2 billion, last year. Excluding fuel, sales rose 13.9%. Identical sales without fuel grew 14.6%. Digital sales grew 127%, for the quarter. Analysts expected revenue of $29.95 billion, for the quarter.

CFO Gary Millerchip said: "As a result of our strong performance in the first half, the expectation of sustained trends in food at home consumption and confidence in our ability to execute against the Restock Kroger strategy, we are updating our full year 2020 guidance. There are still many uncertainties and, as a result, we are providing a wider guidance range."

For the full year 2020, The Kroger Co. expects total identical sales without fuel to exceed 13%. The company expects to achieve adjusted earnings per share growth of approximately 45% to 50% to a range of $3.20-$3.30.

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