U.S. grocer Kroger reported upbeat earnings and an optimistic 2023 outlook on Thursday after raising prices due to inflation, surprising Wall Street analysts.
raised concerns about the retail sector's health in 2023. Kroger forecast adjusted per-share earnings between $4.45 and $4.60 for fiscal 2023, above Refinitiv estimates of $4.20.
"We expect to grow revenue by continuing to invest in our customers through competitive pricing and personalization, fresh products, and a better shopping experience," said CFO Gary Millerchip. "In 2023, we expect to build on this momentum and deliver revenue and EPS growth on top of the record results achieved over the past three years.
"Keeping hold of employees often means upping their wages and whilst US consumers are trading down and hunting out bargains and own label brands, they are still shopping," said AJ Bell's Hewson."We will fund these investments through product mix improvements, cost-saving initiatives, and growth in our alternative profit businesses," Millerchip added.
Kroger’s fourth quarter sales grew to $34.8 billion compared to $33.0 billion for the same period last year. Excluding fuel, sales increased by 5.9%. Operating profit fell 14% to $826 million year-over-year whileFor the year, total company sales were $148.3 billion, compared to $137.9 billion for the same period last year. Excluding fuel, sales increased by 5.2% compared to the same period last year. Operating profit was $4.1 billion, or $3.06 per share, compared to $3.5 billion, or $2.
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