Kroger Q1 total sales up 4.9% to $36.3 billion

CINCINNATI — Kroger on Thursday reported net earnings of $303 million, or $0.32 per diluted share, and a decline in identical supermarket sales , without fuel, of 0.2% in the first quarter of 2017.

"We remain focused on our strategy," stated Rodney McMullen, chairman and CEO Kroger. "This will make a difference for our customers and create value for our shareholders. We are running the business with an eye toward where the customer is going. Customers tell us they want to connect with us in multiple ways with the help of friendly associates to easily provide meals to their families at prices that enable them to stretch their budgets. We are committed to providing that experience, and we will not lose on price."

Total sales increased 4.9% to $36.3 billion in the first quarter. Total sales, excluding fuel, increased 2.9% in the first quarter compared to the same period last year.  The recent merger with ModernHEALTH contributed to sales growth, Kroger noted.  

Kroger lowered its 2017 GAAP net earnings guidance for 53 weeks to $1.74-$1.79 per diluted share and continues to expect identical supermarket sales growth, excluding fuel, of flat to 1% growth for 2017.   

The company continues to expect capital investments excluding mergers, acquisitions and purchases of leased facilities, to be in the $3.2 billion to $3.5 billion range for 2017.

 

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