June 18 (Reuters) – U.S. grocer Kroger kept its annual forecasts unchanged despite beating Wall Street estimates for first-quarter sales on Thursday, underscoring cautious consumer spending amid growing inflationary pressures.
Shares of the company, which missed quarterly profit estimates, were last up 1% in volatile premarket trading.
Cincinnati, Ohio-based Kroger joined key rivals like Walmart in keeping its forecast intact as consumers turn picky even towards their daily purchases and trade down to cheaper alternatives amid rising costs of living.
The company reported quarterly sales of $46.12 billion, compared with analysts’ estimate of $45.47 billion, according to data compiled by LSEG.
It posted quarterly adjusted profit of $1.58 per share versus an estimate of $1.59 per share.
(Reporting by Anuja Bharat Mistry in Bengaluru; Editing by Pooja Desai)