Shares jumped more than 10% in premarket trading after the grocery giant posted fiscal first-quarter sales of $37.5 billion, up 3.4% from a year earlier, and raised the low end of its guidance for the fiscal year. Shares were trading up more than 11% to $29.40 at 9:40 a.m. ET Thursday. Adjusted earnings in the quarter were 73 cents a share, 10 cents ahead of analysts' estimates.
Same-store sales at Kroger, which is up against Walmart Inc. (WMT) - Get Report and Amazon.com Inc. (AMZN) - Get Report in the grocery space, rose 1.4%, excluding fuel, in the quarter. Wall Street's consensus was 1.6%.
Kroger lifted its adjusted profit forecast for 2018 to $2 to $2.15 a share, up from previous guidance of $1.95 to $2.15.