US supermarket group Kroger cut its full-year guidance today (15 September) despite a slight improvement in earnings for the first two quarters of 2009.
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Net earnings for the period edged up to US$689.5m compared to $662.5m in the comparable period of 2008.
Total sales however, experienced a drop, to $40.5bn from $41.2m in the prior year. For the same period, identical supermarket sales, excluding fuel, increased 2.9%.
Kroger said it now expects full-year fiscal 2009 earnings of $1.90 to $2.00 per diluted share. The reduced guidance reflects changes in customer behaviour and other factors related to the economic environment that Kroger expects to influence its business for the remainder of the year.
“We remain on our plan. Our approach and the investments we are making continue to strengthen Kroger today and position us well for future growth,” said David Dillon, Kroger’s chairman and CEO.
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By GlobalDataCheck back later for more comment from Kroger after the company’s conference call with analysts.
