Kroger’s latest earnings report carries two different messages: sales momentum is weaker than the company expected, but management is keeping its profit targets.
The grocer announced September 11, 2026 that second-quarter sales reached $34.6 billion. Identical sales excluding fuel increased 0.2%. It lowered its full-year forecast for that measure to growth of 0.2%–0.8%, replacing its earlier 1%–2% range. The quarter ended August 15. Kroger release
Reported earnings per share were $1.05, while adjusted earnings were $1.09. These are different measures: the adjusted figure removes items identified in the company’s reconciliation. Neither should be presented as though it is interchangeable with the other.
Kroger retained its annual adjusted profit guidance. Its release also reported 20% growth in adjusted e-commerce sales and 24% profit growth at Kroger Precision Marketing. The e-commerce comparison excludes several business exits, a qualification that belongs beside the growth figure.
Reuters reported that pressured household spending and a difficult operating environment weighed on the outlook, while cost controls and higher-margin activities helped support profitability. That provides context for why revenue expectations and earnings expectations did not move together. Reuters
For readers trying to understand a retail earnings headline, the key is to keep the measurements straight. Total company sales include more activity than a comparable-sales calculation. Sales excluding fuel are not the same as every dollar collected at the company’s businesses. A changed forecast concerns management’s expectations for a future period, not a revision to what a shopper paid yesterday.
The company’s investor overview separately lists second-quarter operating profit of $971 million and adjusted FIFO operating profit of $1.076 billion. Those operating measures describe the business before arriving at the final per-share figures. Investor overview
Our business read is that this is a test of execution rather than a one-number verdict on the grocery industry. Keeping profit guidance while reducing sales expectations puts attention on how the company manages costs, pricing and the mix of services it sells.
For shoppers, there is no direct conversion from an earnings percentage to a personal grocery budget. A household’s basket, store, promotions and purchase frequency all matter. A national corporate result should not be turned into a promise that every shelf price is rising or falling by the same amount.
For investors, the report presents another distinction: an announced target is not a guaranteed result. This article is business reporting, not a recommendation to buy or sell shares.
Kroger has scheduled an investor update for October 20. That is the next announced opportunity for more detail on its strategy and longer-term targets. Until then, the balanced headline remains the same: a softer sales forecast, with profit expectations held steady.
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Artwork: original editorial illustration.
