Kroger Co. (KR.US) Q3 sales fall short of expectations, raises full-year same-store sales guidance.

U.S. retailer Kroger Co. (KR.US) announced its financial performance for the third quarter of 2024. The financial report shows that Kroger Co.'s Q3 sales were $33.634 billion, a decrease of 1.0% year-on-year, falling short of market expectations of $34.2 billion; same-store sales (excluding fuel) increased by 2.3%, surpassing market expectations of 1.8% growth, but down 0.6% from the same period last year. The decline in Q3 sales was due to the sale of Kroger Co.'s specialty pharmacy business, as well as a decrease in fuel sales (average selling price per gallon down from the same period last year). Net profit attributable to the company was $618 million, a 4.3% decline from $646 million in the same period last year. Adjusted earnings per share were $0.98, slightly higher than market expectations of $0.97. Looking ahead, Kroger Co. expects that full-year same-store sales (excluding fuel) for 2024 will increase by 1.20%-1.50%, compared to the previous expectation of 0.75%-1.75%; adjusted earnings per share are expected to be $4.35-4.45, compared to the previous expectation of $4.30-4.50.