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 In a press release dated November 3rd The Kroger Company (KR) announced results for the third quarter of FY 2020 ending November 7th.
The following table summarizes the results for the period compared with the values for the corresponding quarter of the previous fiscal year (Values expressed as US$ x 1,000 except EPS)
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Rodney McMullen |
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3rd Quarter Ending
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November 7th 2020
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November 9th 2019
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Difference (%)
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Sales:
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$29,723,000
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$29,794,000
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-0.2
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Gross profit:
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$6,822,000
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$7,996,000
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-14.7
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Operating income:
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$792,0001
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$254,0002
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+214.3
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Pre-tax Income
Net Income
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$834,000
$631,000
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$222,000
$263,000
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+275.7
+153.1
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Diluted earnings per share:
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$0.81
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$0.32
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+153.1
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Gross Margin (%)
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23.0
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26.8
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-14.2
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Operating Margin (%)
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2.7
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0.9
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+200.0
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Profit Margin (%)
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2.1
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0.9
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+133.3
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Long-term Debt:
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$14,197,000
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$14,110,000
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+0.6
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12 Months Trailing:
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Return on Assets (%)
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4.8
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Return on Equity (%)
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27.0
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Operating Margin (%)
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2.7
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Profit Margin (%)
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2.0
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Total Assets
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$48,465,000
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$45,393,000
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+6.8
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Market Capitalization
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$23,792,000
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Notes: 1. +$162 million investment income. 2. $(120 million) from non-controlling interest
Same store Sales growth (ex. Fuel) 1.9 percent; 2.5 percent Q3 2019.
52-Week Range in Share Price: $26.25 to $ 37.22 50-day Moving average $32.63
Market Close December 2nd $32.29 pre-release.
Market Noon, December 3rd $30.71. Down 4.9 percent based on a revenue miss against consensus.
Forward P/E 12.2 Beta 0.3
In commenting on results CEO Rodney McMullin stated, "our Kroger family of associates have been nothing short of incredible during the pandemic and they continue to inspire me every day. I am proud of our dedicated associates who continued to diligently execute our Restock Kroger transformation while serving our customers when they need us most.
The strong underlying momentum in our core supermarket business and acceleration in the growth of our alternative profit business demonstrates we are successfully transforming our business model to deliver consistently strong and attractive total shareholder return in 2020 and beyond."
Management provided guidance for FY 2020 of 14 percent same-store sales growth, EPS of $3.3 to $3.50 and operating profit of $4.0 to $4.1 Billion.
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