Investing.com - Shares of Kroger (NYSE:KR) were down 7% in premarket trading after the grocer reported worse-than-expected results for its fourth quarter on Thursday, as it struggles to compete with online grocers.
Kroger reported earnings per share of $0.48 on revenue of $28.09 billion. Analysts polled by Investing.com expected EPS of $0.48 on revenue of $27.67 billion.
The brick-and-mortar supermarket chain faces competition from online grocers and Amazon’s announcement to open new stores across the U.S. could eat into Kroger’s bottom line.
Sales at the company were down 9.5% to $28.1 billion in the fourth quarter compared to $31.0 billion for the same period last year.