Saturday, May 30th26.8°C
26493
26319

Kroger 1Q results beat analysts' expectations; lifts fiscal 2014 adjusted profit forecast

CINCINNATI - Kroger saw a 4 per cent jump in first-quarter profit and the nation's biggest supermarket raised its earnings forecast for the year.

Shares rose more than 5 per cent in morning trading Thursday to an all-time high.

The Cincinnati company — which also runs Ralphs, Fry's and other chains — earned $501 million, or 98 cents per share, for the quarter. That compares with $481 million, or 92 cents per share, a year ago.

Removing non-recurring charges, The Kroger Co. earned $1.09 per share, four cents better than analysts polled by FactSet had been projecting.

Revenue jumped 10 per cent to $32.96 billion, which also edged out expectations due in part due to a new acquisition, the grocer and pharmacy Harris Teeter.

Sales at established locations climbed 4.6 per cent, excluding fuel. Those comparable-stores sales can be a key indicator of a retailer's health because it excludes volatility from locations recently opened or closed.

Kroger now foresees fiscal 2014 adjusted earnings between $3.19 and $3.27 per share. Previously it predicted $3.14 to $3.25 per share.

The company also increased its full-year guidance for sales at established locations, excluding fuel. It now anticipates 3 per cent to 4 per cent growth. Its prior outlook was for a 2.5 per cent to 3.5 per cent increase.

Shares reached $50.20 in early trading, which is a new high.

The Canadian Press


Read more Business News

25985


Recent Trending




Today's Market
S&P TSX15014.09-92.89
S&P CDNX692.45+0.29
DJIA18010.68-115.44
Nasdaq5070.03-27.95
S&P 5002107.39-13.40
CDN Dollar0.8029-0.0017
Gold1204.30+1.50
Oil60.86+2.49
Lumber273.40+0.90
Natural Gas2.83+0.01

 
Okanagan Companies
Pacific Safety0.14+0.01
Knighthawk0.010.00
QHR Technologies Inc1.46-0.02
Cantex0.03+0.00
Anavex Life Sciences0.40+0.00
Metalex Ventures0.07-0.01
Russel Metals25.07-0.13
Copper Mountain Mining1.27-0.03
Colorado Resources0.10+0.00
ReliaBrand Inc0.022+0.009
Sunrise Resources Ltd0.04+0.01
Mission Ready Services0.16+0.01
Decisive Dividend Corporation2.28+0.18

 



26416

FEATURED Property
2223924417, 2070 Boucherie Rd
2 bedrooms 2 baths
$276,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Yard sale pricing

Photo: Thinkstock.comI have deliberately abridged this household tips article to illustrate pricing strategies. "Tips For Pricing Yard Sale Items” was written by Lynnette Walczak, and publi...


What's a robo-advisor?

Photo: ContributedIt can only be attributable to human error. -Hal, 2001: A Space Odyssey For most of us who are within thinking distance of retirement, the term “robo” conjures up image...


Cash stressed seniors

Photo: Thinkstock.comFor many Canadian homeowners, their house represents the biggest portion of their net worth. Now, increasing numbers of seniors are starting to recognize the hidden value of their...

_



26363

25482


Member of BC Press Council


25690