Kroger’s adjusted profit falls short of target and I picked up another 1/4 of my total position goal. The Kroger Co. on Tuesday said it, excluding one-time costs, earned 27 cents a share in the third quarter, below the Wall Street target of 36 cents a share. Kroger blamed deflation, increased competitive activity and the cautious spending behavior of customers on the poor results.
The 2009 profit forecast is $1.60 to $1.70 a share, below the Wall Street target of $1.96 a share.
Credit Suisse, The Street and Market Edge have outperform, buy and long ratings on KR.
I am fully invested in KR at this time. No additional purchases of this stock are planned.