Kroger Co. rose as much as 6.6 percent in New York trading after the largest U.S. supermarket chain topped quarterly earnings estimates and raised its forecast for the year.
Second-quarter earnings amounted to 44 cents a share, the company said in a statement Friday. Analysts had projected 40 cents on average, according to data compiled by Bloomberg. Revenue was in line with estimates at $25.5 billion. The company now expects earnings of as much as $1.98 a share in the fiscal year, up from a previous forecast of $1.95.
Kroger, based in Cincinnati, credited its results to same- store sales growth and efforts to control costs. The company also is expanding its e-commerce operations and adding 20,000 new jobs.
The stock climbed as high as $37.75 after the results were posted. The shares had already advanced 10 percent this year through Thursday’s close.
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