U.S. supermarket chain Kroger Co missed Wall Street estimates for sales on Thursday as online grocery demand slowed in the third quarter, sending shares down 4%.
Kroger’s quarterly sales rose to $29.72 billion in the third quarter from $27.97 billion a year earlier, but still missed the Refinitiv IBES estimate of $29.97 billion.
Digital sales more than doubled, but was down compared with last quarter’s 127% growth.
The chain, however, forecast adjusted profit per share for 2020 between $3.30 and $3.35, compared with a prior range of $3.20 to $3.30 per share and Refinitiv IBES estimate of $3.30.
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