Why Kroger Shares Are Moving Higher

The Kroger Co (NYSE: KR) is trading higher Thursday after the company announced better-than-expected third-quarter financial results and raised guidance.

Kroger reported quarterly adjusted earnings of 78 cents per share, which beat the estimate of 66 cents per share. The company reported quarterly revenue of $31.9 billion, which beat the estimate of $31.23 billion.

Kroger raised its full-year 2021 earnings guidance from a range of $3.25 to $3.35 per share to a range of $3.40 to $3.50 per share.

"Kroger's strategy to lead with fresh and accelerate with digital continues to connect with our customers. Our agility, and the commitment from our amazing associates, is allowing us to navigate current labor and supply chain conditions and provide the freshest food at affordable prices across our store and digital ecosystem," said Rodney McMullen, chairman and CEO of Kroger.

Related Link: Kroger Stock Gains On Q3 Beat, Raised FY21 Outlook

KR Price Action: Kroger has traded as high as $47.99 and as low as $30.35 over a 52-week period.

The stock was up 12.50% at $45.21 at time of publication.

Photo: Mike Kalasnik from Flickr.