Kroger (KR) Extends Losses on Net Loss Fall, Weak Outlook

We recently published 10 Stocks Losing Their Fire. The Kroger Co. (NYSE:KR) is one of the worst performers on Thursday.

Kroger fell for a third day on Thursday, slashing 4.62 percent to close at $63.14 apiece, as investor sentiment was dampened by a steep net loss and lower sales guidance for the full year. At intra-day trade, shares were down as much as 7.9 percent.

In an updated report, The Kroger Co. (NYSE:KR) said that it swung to a net loss of $1.32 billion from a $618 million net income in the same period last year.

Sales, which included $387 million from Kroger Specialty Pharmacy sales, finished at $33.8 billion, or flat from $33.6 billion year-on-year. Excluding fuel and Kroger Specialty Pharmacy, sales increased by 2.6 percent from the same comparable period.

Kroger (KR) Extends Losses on Net Loss Fall, Weak Outlook

begalphoto/Shutterstock.com

Looking ahead, The Kroger Co. (NYSE:KR) provided a weak outlook for key growth metrics for the rest of the year, with identical sales without fuel now projected to grow by 2.8 percent to 3 percent, versus the 2.7 percent to 3.4 percent previously.

Guidance for operating profit was maintained at a range of $4.8 billion to $4.9 billion, while earnings per share slightly inched up to a range of $4.75 to $4.80, versus at least $4.70 previously.

The Kroger Co. (NYSE:KR) is one of the leading supermarket and retail operators in the US.

While we acknowledge the risk and potential of KR as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than KR and that has 10,000% upside potential, check out our report about this cheapest AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.