Kroger quarterly same-store sales missed market expectations on Friday in a sign that reduced spending by budget-conscious consumers and stiff competition due to higher discounts from rivals hurt volumes.
The Cincinnati, Ohio-based company posted a 1% rise in same-store sales for the second quarter. Analysts on average had expected a 1.26% rise, as per LSEG IBES estimates.
Stocks fell over 3% in premarket trading.
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