Cincinnati-based The Kroger Co. shares suffered mightily in the wake of Q1 earnings results, released Thursday.
Kroger shares slumped 6.1% in Thursday trading (rebounding slightly in the after-hours). This was despite the company announcing that it had increased sales 3.4% to $30 billion in Q1, and grown its profits 18% in comparison to last year's Q1 numbers, to $0.92 per share. That profits number topped analyst estimates by $0.04. However, investors didn't seem to like the company's admission that sales missed the analyst target of $30.2 billion.
Going forward, the company promised to beat its own estimates once again -- for earnings, at least. New guidance for 2013 is $2.73 to $2.80 per share, up from the company's prior promise of $2.71 to $2.79. Even the new numbers, however, appear to only match what analysts were already expecting. Yahoo! Finance figures show the consensus among analysts following the stock is for Kroger to earn $2.77 per share this year -- right in the middle of the new targeted earnings range.
The article Kroger Beats on Earnings, Misses on Revenues originally appeared on Fool.com.Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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