Shares of The Kroger Co. rose more than 8% on Thursday morning after the company reported strong third quarter financial results that helped relieve concerns about competition from Amazon.com, Inc. . Revenue rose 4.5% to $27.75 billion – beating consensus estimates by $290 million – and earnings per share of 44 cents beat consensus estimates by four cents per share. Same-store sales also rose 1.1% during the quarter, which surpassed consensus estimates calling for a gain of just 0.9%.
After Black Friday sales beat past records, Kroger expects full-year earnings per share of between $2.00 and $2.05 versus a $1.97 per share consensus estimate. Shares of many other supermarket chains rose in response to Kroger’s results, including Supervalu Inc. and Sprouts Farmers Markets, Inc. . Costco Wholesale Corporation also reported strong financial results earlier this week in a further sign that Amazon-related concerns may be overblown. (See also: Kroger Can Best Weather Grocery Price War: Moody’s.)
Kroger shares rose sharply after strong third quarter financial results, but traders are watching these key levels. …read more
Read more here: Kroger Stock Breaks Out From 200-Day Moving Average
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