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Chick-News.com Poultry Industry News, Comments and more by Simon M. Shane

The Kroger Company Reports on Q1

06/18/2021

In a press release dated June 17th The Kroger Company (KR) announced results for the first quarter of FY 2021 ending May 22nd.

 

The following table summarizes the results for the period compared with the values for the corresponding quarter of the previous fiscal year (Values expressed as US$ x 1,000 except EPS)

1st Quarter Ending

May 22nd 2021

May 23rd 2020

Difference (%)

Sales:

$41,298,000

$41,549,000

-0.6

Gross profit:

$9,351,000

$10,095,000

-7.4

Operating income:

$805,000

$1,326,000

-39.3

Pre-tax Income

Net Income

$179,000

$140,000

$1,585,000

$1,212,000

-88.7

-88.5

Diluted earnings per share:

$0.18

$1.53

-88.2

Gross Margin (%)

22.6

24.3

-7.0

Operating Margin (%)

2.0

3.2

-37.5

Profit Margin (%)

0.3

2.9

-89.7

Long-term Debt and lease obligations:

$12,924,000

$12,376,000

+4.8

12 Months Trailing:

Return on Assets (%)

4.2

Return on Equity (%)

28.6

Operating Margin (%)

2.4

Profit Margin (%)

2.0

Total Assets

$48,811,000

$46,922,000

-4.0

Market Capitalization

$29,330,000

52-Week Range in Share Price: $30.35 to $ 42.99 50-day Moving average $37.49

Market Close June 16 pre-release $37.54 June 17 post-release $39.18

Forward P/E 13.4 Beta 0.4

Same store sales growth Q1 2021 (4.1%) Q1 2029 +19.0


In commenting on Q1 results CEO Rodney McMullin stated "Kroger's strong execution delivered identical sales results in the first quarter that exceeded our original expectations. Customers are responding to the investments we have made in digital, as evidenced by our triple-digit growth in digital sales since the beginning of 2019. We were disciplined in driving costs out of the business and we achieved record growth in Kroger's alternative profit business, demonstrating the power and attractiveness of our long-term model”. 

 

He concluded "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."

 

Guidance for FY 2021 included:-

  • EPS of $2.95 to $3.10
  • Operating profit of $3.5 billion to $3.7 billion
  • Capital expenditure of $3.4 billion to $3.6 billion.

 
Copyright © 2024 Simon M. Shane