- Kroger Co (NYSE:KR) reported second-quarter FY21 sales growth of 3.9% year-on-year, to $31.68 billion, beating the analyst consensus of $30.68 billion. Excluding fuel, sales decreased 0.4%.
- Identical Sales without fuel decreased 0.6%; the two-year stack increased 14.0%.
- Adjusted EPS of $0.80 beat the analyst consensus of $0.64.
- The gross margin was 21.4%, and the FIFO gross margin rate, excluding fuel, decreased 60 basis points Y/Y.
- Operating, general and administrative expenses declined 3.8% Y/Y to $5.1 billion.
- The operating margin was 2.65%, and operating income for the quarter rose 2.3% to $839 million.
- Kroger held $2.23 billion in cash and equivalents as of August 14, 2021. Net cash provided by operating activities for the six months totaled $3.1 billion.
- The company had a total debt of $14.1 billion as of August 14, 2021.
- Outlook: Kroger sees FY21 adjusted EPS $3.25 – $3.35 (prior outlook $2.95 – $3.10) versus the consensus of $3.06.
- Price action: KR shares are trading lower by 8.02% at $42.43 on the last check Friday.
L3Harris Wins $91.5M Contract From Boeing For T-7A Red Hawk Jet Trainer Mission-Management Processors
Highlights:
Decreases maintenance and lifecycle costs with an open-systems approach
Maximizes battlespace awareness with communication and sensor connections
Bolsters pilot readiness by connecting multiple data
