Kroger Q2 2024 Earnings: Profit Drops with Flat Sales, Yet Exceeds Estimates
Kroger Q2 2024 Performance Overview
The Kroger Co. (NYSE: KR) reported a notable decline in profit for its second quarter of 2024. Despite the drop, the grocery store chain’s earnings surpassed analyst projections.
Sales and Income Metrics
In the July quarter, Kroger’s net sales remained stable at $33.9 billion, a figure largely consistent with the previous year. Meanwhile, identical sales, excluding fuel, rose by 1.2%.
Earnings Analysis
Kroger’s adjusted earnings fell to $0.93 per share, down from $0.96 from the prior year’s Q2. However, this figure was still above market expectations. The unadjusted net earnings reflected a significant turnaround, from a loss of $180 million or $0.25 per share last year to a net income of $466 million in Q2.
Market Implications
Despite the profit drop, Kroger's ability to exceed estimates in a stable sales environment suggests resilience in the competitive landscape of retail and grocery sectors.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.