CINCINNATI, Ohio (CBSDFW.COM/AP) — As COVID-19 infections surge in Texas and across the country, sales at Kroger grocery stores are surging as Americans restock their pantries.
The grocer boosted its full-year outlook believing that there is little evidence families will continue eating at home to reduce their risks to exposure.READ MORE: Quick Switch: Dallas County Gives Moderna And Pfizer COVID-19 Vaccines At Fair Park, With J&J On Pause
Revenue climbed to $29.72 billion, from $27.97 billion and online sales more than doubled. That was a little shy of the $29.98 billion Wall Street was looking for, according to a survey by Zacks Investment Research, and shares fell almost 5% at the opening bell Thursday.
Citi’s Paul Lejuez said in a research note Thursday he was expecting stronger signals from the company for the fourth quarter, and that might be contributing to a sell-off after a pretty strong quarter.
However, comparable-store sales rose 10.9% excluding fuel sales, which topped projections, and its profit was better than analysts had expected.READ MORE: Midlothian Police Say Missy Bevers Murder Not A 'Cold Case' 5 Years Later
Kroger operates more than 175 stores in Texas and more than 2,600 other stores in 34 states and the District of Columbia.
Kroger Co. earned $631 million, or 80 cents per share, for the three months ended November 7. A year earlier it earned $263 million, or 32 cents per share.
For the full year, the grocer now anticipates adjusted earnings per share growth of between 50% and 53%.
(© Copyright 2020 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)MORE NEWS: ERCOT Sends Alert About Possible 'Emergency Conditions', Calls On Texans To Conserve
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