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Kroger lowers outlook for sales growth ex-fuel amid "near-term economic pressures"

Investing.com -- Kroger (NYSE:KR) has lowered its forecast for sales growth excluding gas, as the supermarket chain said it faces "near-term economic pressures and food-at-home disinflation" heading into the key holiday shopping season.

The Ohio-based group said it now expects identical sales without fuel to rise by 0.6% to 1.0%, down from its prior estimate for an increase of 1.0% to 2.0%. In a statement, Chief Executive Officer Rodney McMullen flagged that it will continue to offer lower prices and personalized promotions to combat tightening consumer spending habits.

Despite the "challenged operating environment," Kroger raised the bottom end of of its full-year adjusted net earnings guidance range to $4.50 to $4.60.

It also posted better-than-expected adjusted per-share income of $0.95 in the third quarter thanks in large part to solid demand at its gas stations business.

Shares in Kroger edged slightly lower in premarket U.S. trading on Thursday.

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