Kroger Misses Quarterly Sales Expectations, Shares Fall

U.S. supermarket chain Kroger Co missed Wall Street estimates for sales on Thursday as online grocery demand slowed in the third quarter, sending shares down 4%.

Kroger’s quarterly sales rose to $29.72 billion in the third quarter from $27.97 billion a year earlier, but still missed the Refinitiv IBES estimate of $29.97 billion.

Digital sales more than doubled, but was down compared with last quarter’s 127% growth.

The chain, however, forecast adjusted profit per share for 2020 between $3.30 and $3.35, compared with a prior range of $3.20 to $3.30 per share and Refinitiv IBES estimate of $3.30.

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