Kroger misses comparable store sales estimates, shares fall

(Reuters) – Kroger Co. missed Thursday quarterly estimates of comparable store sales, the disruption caused by changing the way merchandise is stored on shelves preventing some customers from settling in its stores.

Shares of the company fell 7% to $ 29.51 in pre-market trading.

As part of its "Restock" program launched this year, Kroger has adjusted the product lines, reorganized the layout of the stores and highlighted the brands of retailers on its shelves.

However, analysts said the short-term disruption and disruption caused by the program could lead some customers to buy their groceries elsewhere.

The company said its adjusted gross margin fell by 36 basis points in the second quarter from the previous year, penalized by lower prices and higher transportation costs.

Same store sales, excluding fuel, increased 1.6% in the quarter. According to Thomson Reuters I / B / E / S, analysts were expecting an average increase of 1.86%.

Kroger said its net profit jumped 44% to $ 508 million, or 62 cents a share, in the quarter ended Aug. 18.

Excluding single items, Kroger won 41 cents per share. Analysts have estimated a profit of 38 cents.

Total sales rose 1% to $ 27.87 billion, but analysts did not estimate $ 27.95 billion.