Kroger Co. shares fell 8.2% in Thursday premarket trading after the grocery store chain cut its full-year earnings guidance. Net income totaled $303.0 million, or 32 cents per share, down from $696.0 million, or 72 cents per share, for the same period last year. Adjusted EPS was 58 cents, in line with the FactSet consensus. Sales were $36.3 billion, up from $34.6 billion last year and ahead of the $35.6 billion FactSet consensus. Same-store sales excluding fuel declined 0.2%, compared with the FactSet consensus for a 0.5% decline. Kroger cut its 2017 EPS guidance to $1.74 to $1.79, and its adjusted EPS to a range of $2.00 to $2.05. The previous adjusted EPS guidance was for a range of $2.21 to $2.25. The FactSet consensus is for $2.20. The company continues to see same-store sales excluding fuel of flat to 1% growth. Kroger shares are down 12.3% for the year so far while the S&P 500 index is up nearly 9% for the period.
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