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Ed Kelly of Credit Suisse asks about the cadence of $KR's IDs through 1Q16 and the trend so far in 2Q16. CFO Michael Schlotman said looking at the growth, which is IDs minus inflation, over two years, the trend is consistent QtoQ. There is less than a 50BP swing over the past 5-6 quarters. Excluding inflation, the results have been consistent.
No better outlook on $MSFT. Even if the results beat a bit, the stock may move 4 to 6% higher, but won't go above $60.