AI-Summary – News For Tomorrow
Kroger reported EPS of $1.04, exceeding estimates of $1 and last year’s $0.93, but revenue remained flat at $33.9 billion, slightly below the expected $34.1 billion. The company is undergoing a restructuring under interim CEO Ron Sargent, involving 1,000 job cuts and 60 store closures. This follows the departure of former CEO Rodney McMullen in March after an investigation into his conduct. The restructuring aims to streamline Kroger’s operations amidst these changes.
News summary provided by Gemini AI.
The company reported earnings per share of $1.04, topping Wall Street’s estimates of $1 and above the $0.93 per share earnings it reported a year ago. Revenue remained flat year over year, coming in at $33.9 billion. Analysts were looking for $34.1 billion, according to S&P Global Market Intelligence.
Kroger has been undergoing a restructuring to streamline its operations under interim CEO Ron Sargent, including by cutting 1,000 jobs and closing some 60 stores. The company ousted longtime CEO Rodney McMullen in March following a probe into his conduct.
