Kroger Beats Expectations, Raises Forecast
Kroger says sales climbed 5.8% to $29.1 billion in the first quarter of its fiscal year, compared with $27.5 billion for the same period last year, fueled by a same-store sales gain of 4.2%, above expectations. And net earnings for the period rose to $439.4 million, compared with $432.3 million last year. The company, which says this marks the 34th consecutive quarter of same-store sales gains, increased its earning forecast for the year ahead.
“Kroger’s solid first quarter performance demonstrates that our Customer 1st strategy continues to resonate with customers,” said David B. Dillon, Kroger’s chairman and CEO, says in its release. “Our core business is growing.” The Cincinnati-based retailer says it continues to expect same-store growth, excluding fuel, of 3 to 3.5% in the year ahead.
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