Kroger 1Q results top Street; boosts outlook - WSFA.com Montgomery Alabama news.

Kroger 1Q results top Street; boosts outlook

Kroger in Newport, Ky. (FOX19 file photo) Kroger in Newport, Ky. (FOX19 file photo)

 

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.

(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

 

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