Kroger (NYSE:KR) revised its sales growth forecast, citing current economic pressures and a decrease in food-at-home inflation as the holiday season approaches.
The company now predicts that its identical sales excluding fuel will increase by 0.6% to 1.0%. This is a reduction from its previous forecast of a 1.0% to 2.0% rise. Rodney McMullen, Kroger’s CEO, stated that the company plans to continue offering lower prices and personalized promotions to address the tightening of consumer spending habits.
Despite these challenging conditions, Kroger has adjusted its full-year net earnings guidance upwards, setting the lower limit of the range at $4.50 to $4.60.
The company also reported an adjusted per-share income of $0.95 for the third quarter, exceeding expectations. This success was largely attributed to strong performance in its gas stations business.