5 Notable Earnings Reports to Watch

3. The Kroger Co. (NYSE: KR)

Number of Hedge Fund Holders: 39

The Kroger Co. (NYSE: KR) traces its roots back to 1883 when Barney Kroger opened a grocery store in Cincinnati, Ohio. The company worked hard over the years and offered quality goods to customers. The consistency in quality and services provided by Kroger helped it to become a leading grocery retailer in the U.S.

The company recently caught investors’ attention after announcing better-than-expected results for the second quarter. The Kroger Co. (NYSE: KR) reported adjusted earnings of 80 cents per share for the three months ended August 14, up from 73 cents per share in the comparable period of 2020.

Analysts were expecting The Kroger Co. (NYSE: KR) to report adjusted earnings of 64 cents per share. Revenue came in at $31.68 billion, compared to $30.49 billion in the year-ago quarter, and higher than the consensus forecast of $30.64 billion. On the bright side, digital sales in the quarter jumped more than two folds.

Commenting on the results, CEO Rodney McMullen said:

“Our strategic focus on leading with fresh and accelerating with digital continues to build momentum across our business. Kroger’s seamless ecosystem is working. This was evident during the quarter as we saw customers seamlessly shift between channels, and we continued to see strong digital engagement.”

The Kroger Co. (NYSE: KR) also raised its profit outlook for the full year. It now expects adjusted earnings in the range of $3.25 – $3.35 per share, compared to its earlier guidance between $2.95 – $3.10 per share. The updated outlook is higher than the consensus forecast of $3.09 per share.