Kroger (NYSE:KR) is down sharply after the company lowers profit guidance. The grocery store operator now expects full-year EPS of $2.00 to $2.05 vs. $2.21 to $2.25 prior and $2.19 consensus.
FIFO gross margin for Q1 came in at 22.10% vs. 22.28% expected.
Is Wal-Mart (NYSE:WMT) to blame? "We are driving our strategy of lowering costs to reinvest in ways that provide the right value to our customers," says Kroger CEO Rodney McMullen.
Previously: Kroger EPS in-line, beats on revenue (June 15)
Kroger is down 9.35% premarket to $27.48 (52-week low).
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