Kroger down after cutting annual sales forecast

Up to the last close, the stock was down about 9% year to date.

Shares of Kroger KR.N were down about 3% at $55.15 in premarket trading after the company cut its annual identical sales forecast, as growing macroeconomic uncertainty weighed on consumer spending, even in essential categories.

The company reported Q2 sales of $34.62 billion, compared with analysts' estimates of $34.58 billion, according to data compiled by LSEG.

It also posted quarterly adjusted EPS of $1.09 versus expectations of $1.06.

The company now expects full-year identical sales to grow in the range of 0.2% to 0.8%, compared with its prior forecast of a 1.0% to 2.0% rise.

Kroger said the forecasts include a roughly 140 basis point headwind from the Inflation Reduction Act.