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6/17, 4:29 PM (Source: TeleTrader)
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Kroger raises guidance for FY2021 after strong Q1

Kroger Co. announced on Thursday that it is raising its guidance for 2021 after posting a strong first quarter. Additionally, the board approved a new $1 billion share repurchase program.

"We are raising our guidance based on the strength of our results and we remain confident in our ability to deliver consistently attractive total shareholder return," CEO Rodney McMullen said, noting that the company was "disciplined in driving costs out of the business" and achieving "record growth" in alternative profit business.

Sales of the company in the first quarter remained largely unchanged year-on-year at $41.2 billion, while net earnings tumbled from $1.2 billion to $140 million.

Breaking the News / MD