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 Shares of Kroger Co. dropped 4.1% in premarket trading Thursday, after the supermarket chain reported a fiscal third-quarter profit that rose above expectations, but sales that came up short. For the quarter to Nov. 7, net income rose to $631 million, or 80 cents a share, from $263 million, or 32 cents a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share rose to 71 cents from 47 cents, beating the FactSet consensus of 67 cents. Sales rose 6.3% to $29.72 billion, but was below the FactSet consensus of $29.97 billion, while same-store sales growth of 10.9% missed expectations of a 9.3% rise. Kroger said it repurchased $304 million worth of its stock during the quarter. The company expects full-year adjusted EPS of $3.30 to $3.35, compared with the FactSet consensus of $3.30, and expects same-store sales to rise about 14.0%, compared with expectations of 12.5% growth. Kroger's stock has lost 10.6% over the past three months through Wednesday, while the S&P 500 has gained 6.2%.
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Express Inc. shares slid 21% in premarket trade Thursday, after the apparel retailer missed earnings estimates for the third quarter, said it is cutting 10% of staff at its corporate headquarters and that it would pursue liquidity measures, hurt by the impact of the coronavirus pandemic. The company had a net loss of $90.3 million, or $1.39 a share, in the quarter to Oct. 31, after a loss of $3.1 million, or 5 cents a share, in the year-earlier period. Excluding the income tax benefit from a CARES Act payment of $8.0 million, the company had an adjusted per-share loss of $1.17, far wider than the FactSet consensus for a loss of 51 cents a share. Sales fell 34% to $322.1 million from $488.5 million, below the $376 million FactSet consensus. Same-store sales tumbled 30%. The company is aiming to realize about $550 million in liquidity benefits, with about $440 million expected in 2020. It is cutting 10% of staff at its corporate office in Columbus, Ohio and is not providing guidance due to the uncertainty caused by the pandemic. Shares have fallen 68% in the year to date, while the S&P 500 has gainede 13.6%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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