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Major U.S. retailers including Walmart Inc and Target Corp have
in recent weeks sounded alarm bells over the toll decades-high
inflation is taking on U.S. shoppers, stoking fears the economy
could be heading into recession.
But with people prioritizing spending on food and household
essentials, a shift typical during downturns, Kroger has not
been forced to resort to the steep discounts other retailers
have required to move stock.
The U.S. supermarket chain forecast earnings per share in a
range $3.85 to $3.95 for 2022, compared with its prior range of
$3.75 to $3.85. Analysts on average expect $3.85, according to
IBES data from Refinitiv.
The company also forecast adjusted same-store sales to rise 2.5%
to 3.5% in 2022, compared with its prior range of 2% to 3%.
Analysts on average expect 3.2%.
Same-store sales, excluding fuel, climbed 4.1% in the first
quarter, compared with estimates of a 4.2% rise.
(Reporting by Praveen Paramasivam in Bengaluru; Editing by
Aditya Soni)
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