Kroger’s 2020 profit, same-store sales estimates top expectations

Kroger’s 2020 profit, same-store sales estimates top expectations

FILE PHOTO: The Kroger supermarket chain’s headquarters is shown in Cincinnati, Ohio, U.S., June 28, 2018. REUTERS/Lisa Baertlein

(Reuters) – Kroger Co (KR.N) on Tuesday forecast 2020 profit and same-store sales ahead of Wall Street estimates, as the supermarket chain benefits from its investments in store modernization and delivery services.

The company forecast adjusted profit between $2.30 and $2.40 per share in 2020, and identical sales growth, excluding fuel, to be greater than 2.25%.

Analysts are expecting the company to earn $2.30 per share in 2020 and report same-store sales growth of 1.99%, according to IBES data from Refinitiv.

Kroger reconfirmed its 2019 forecast on identical sales and earnings.

Reporting by Nivedita Balu in Bengaluru; Editing by Shinjini Ganguli

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