Kroger Narrows Profit Forecast as Food Prices Fall

Shares of Kroger (KR) - Get Report were higher Thursday despite lowering the high end of its full-year profit forecast. The supermarket chain narrowed its earnings guidance range to $2.03 to $2.08 a share, compared to its previous range of $2.03 to $2.13 a share. The company cited falling food prices and increasing competition as the reason for the adjustment. For the third quarter, though, Kroger posted earnings of $0.41 a share, which was in-line with expectations. Revenue of $26.56 billion beat analysts' forecasts. Looking at 2017, Kroger expects the current operating environment to continue in the first half of the year.

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