Kroger Shares Fall After Sales Miss, Cut Guidance

Shares of Kroger Co. fell 1.6% in premarket trade Friday after the company missed second-quarter sales expectations and cut its 2016 outlook. The company reported net income of $383 million, or 40 cents per share, down from $433 million, or 44 cents per share, in the year-earlier period. Kroger reported adjusted earnings per share of 47 cents, above the FactSet consensus of 45 cents. Kroger reported sales of $26.6 billion, above $25.5 billion in the year-earlier period, but below the FactSet consensus of $26.8 billion. The company lowered its adjusted earnings outlook for 2016 to $2.10 to $2.20 below the FactSet consensus of $3.28. Shares of Kroger have fallen 14% in the past three months, compared to the S&P 500's gain of 3%.