Kroger 1Q results top Street; boosts outlook

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Associated Press

Posted on June 19, 2014 at 7:02 AM

CINCINNATI (AP) — Kroger is reporting a 4 percent jump in first-quarter profit and the nation's biggest supermarket raised its earnings forecast for the year.

Shares rose 5 percent before the opening bell Wednesday and appear to be headed for 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 that Wall Street analysts had been projecting.

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

Sales at established locations climbed 4.6 percent, excluding fuel.

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