A fall in third-quarter earnings was not enough to stop an increase in year-to-date profits at US grocery giant Kroger.
The company booked a 5.7% fall in net income to US$299m for the quarter to 9 November, in part due to lower one-off items compared to a year earlier. Operating profit was down 10.4% at $534m.
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However, net income and operating profit were up for the first nine months of Kroger’s financial year.
Sales were up in both periods – by 3.2% in the quarter and by the same amount over the year to date. Identical-supermarket sales were up 3.5% in the quarter, excluding fuel.
The company maintained its net earnings guidance range of $2.73 to $2.80 per diluted share for fiscal 2013. The forecast excludes certain tax items and expenses related to its pending acquisition of US retailer Harris Teeter.
“Our quarterly results show once again that Kroger is uniquely positioned to grow and win in the US food retail industry,” chairman and CEO David Dillon said.
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By GlobalData
