Kroger Profit Rises; Earns $276 Million

By: By DAN SEWELL, AP Business Writer
By: By DAN SEWELL, AP Business Writer

CINCINNATI (AP) - Kroger Co., the nation's largest traditional grocery chain, says its second-quarter profit rose 3.4% on strong sales growth.

Net income for the three months ended Aug. 16 was $276.5 million, or 42 cents per share, up from $267.3 million, or 38 cents per share, a year earlier.

Analysts surveyed by Thomson Reuters expected earnings of 41 cents per share on revenue of $17.63 billion. Kroger reported second-quarter revenue of $18.1 billion, up nearly 12%.

The company says sales at stores open at least five quarters, considered a key indicator of a retailer's strength, rose 4.7% excluding fuel, and 9.7% including fuel sales for the quarter.

Kroger confirmed its fiscal year 2008 earnings guidance of $1.85 to $1.90 per share. Analysts are expecting $1.92 a share.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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