RTTNews | Dec 2, 2021 10:17AM EST

10:17 Thursday, December 2, 2021 (RTTNews.com) - Shares of Kroger Co. (KR) are gaining over 9% on Thursday morning after the grocery retailer's third-quarter profit trumped Wall Street view and lifted its outlook.

KR is currently trading at $43.85, up $3.64 or 9.05%, on the NYSE. The stock has traded between $30.35 and $47.99 in the 52 week period.

Net profit was $483 million or $0.64 per share, down from $631 million or $0.80 per share last year.

Third-quarter adjusted profit was $0.78, up from $0.71 per share last year. On average, 20 analysts polled by Thomson Reuters expected the company to report profit per share of $0.66, for the quarter. Analysts' estimates typically exclude special items.

Sales were $31.9 billion, up from $29.7 billion last year. Excluding fuel, sales increased 2.9%. Analysts on average had estimated $31.23 billion in revenue.

For the full year 2021, the company now expects earnings of $3.40 - $3.50 per share and adjusted identical sales to drop in a range of 0.4% - 0.2%. Analysts polled by Thomson Reuters expect profit per share of $3.34.

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