Saturday, January 31st-0.9°C
24736

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

24813


Recent Trending




Today's Market
S&P TSX14673.48+37.521
S&P CDNX676.81+9.70
DJIA17164.95-251.90
Nasdaq4635.24-48.167
S&P 5001994.99-26.26
CDN Dollar0.7856-0.0067
Gold1286.60-5.10
Oil49.60+3.16
Lumber322.50+0.70
Natural Gas2.87-0.111

 
Okanagan Companies
Pacific Safety0.120.00
Knighthawk0.010.00
QHR Technologies Inc1.400.00
Cantex0.035-0.005
Anavex Life Sciences0.174-0.006
Metalex Ventures0.040.00
Russel Metals23.42-0.16
Copper Mountain Mining0.99+0.01
Colorado Resources0.150.00
ReliaBrand Inc0.01+0.0031
Sunrise Resources Ltd0.050.00
Mission Ready Services0.2350.00

 



23967

FEATURED Property
19009594118 Gallaghers Blvd. S
3 bedrooms 3 baths
$675,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Leaving a job: changing careers

Many people, who find themselves out of work and with time on their hands, and money in their pockets due to lay-off, start thinking about a career change. If you weren’t happy with the directio...


Service fit makes happy employees

Finding the right employees for the front lines of your company is key to developing a great service attitude within your company. It is just as important as hiring the right accountant, manager, sale...


How to price: workbook approach

In 2008 Self Counsel Press published my book - Pricing Strategies for Small Business. The book is now available in Europe, India, Russia and the United States. The purpose of the book was to make avai...

_



24709




Member of BC Press Council


23646