Shares of Kroger Co. dropped 2.7% toward a six-month low in premarket trading Friday, after the grocery chain reported fiscal second-quarter sales that...
Shares of Kroger Co. KR, +0.82% dropped 2.7% toward a six-month low in premarket trading Friday, after the grocery chain reported fiscal second-quarter sales that missed expectations and said it recorded a $1.4 billion charge to settle opioid claims. For the quarter through July, the company swung to a net loss of $180 million, or 25 cents a share, from net income of $732 million, or $1.00 a share, in the year-ago period.
12 billion, while same-store sales grew 1.0% but missed expectations of a 1.3% rise. The company affirmed its fiscal 2023 outlook for adjusted EPS of $4.45 to $4.60 and same-store sales growth of 1.0% to 2.0%. Separately, the company agreed to pay $1.2 billion to states and subdivisions and $36 million to Native American tribes, in installments over the 11 years, to settle the majority of opioid claims.
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