Friday, October 24th2.8°C
23888
23004

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

22970


Recent Trending




Today's Market

 
Okanagan Companies

 



23901

FEATURED Property
20952245970 Victoria St
3 bedrooms 1 baths
$317,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Weakening global growth worries

The Big Picture Growth worries persist Worries about weakening global growth and its potential impact on the US economic recovery roiled markets around the globe this week. Europe continues to be the ...


Keep it rubber side down

This time of year, I always worry about which friends of mine will get caught going off the road in adverse weather conditions. With a little preparation most accidents can be avoided. Having won the...


Big bank predicts rate hike

Photo: Thinkstock.comThe end of record-low rates is nigh, according to one major bank, which has taken a stance and predicted when the Bank of Canada will raise its long-standing overnight rate. &ldq...

_








Member of BC Press Council


23091