Tags: Earns | Kroger

Kroger Raises Outlook as Profit, Revenue Jump

Thursday, 16 Jun 2011 09:33 AM

Kroger Co. rang up double-digit jumps in first-quarter revenue and net income as the grocery chain drew more frequent shoppers with loyalty rewards as gas and grocery prices rose.

The nation's largest traditional grocer also raised its full-year earnings guidance.

Kroger Thursday says its net income rose to $432.3 million, or 70 cents a share, up nearly 16 percent from $373.3 million, or 58 cents per share, a year ago. Revenue rose 11 percent to $27.5 billion.

Analysts expected earnings of 64 cents per share on $26.4 billion in revenue.

Revenue at supermarkets open at least five quarters, a key retail indicator, rose 4.6 percent.

Besides strong sales boosted by gas sales at store stations, Kroger cited more new and frequent shoppers, and company cost reductions.

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Kroger Co. rang up double-digit jumps in first-quarter revenue and net income as the grocery chain drew more frequent shoppers with loyalty rewards as gas and grocery prices rose.The nation's largest traditional grocer also raised its full-year earnings guidance.Kroger...
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2011-33-16
Thursday, 16 Jun 2011 09:33 AM
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