US retailer Kroger has raised its full-year earnings guidance after booking an increase in first-half profits.
In the six months to the end of June, earnings climbed to US$718.4m from $713.1m a year earlier, the company reported today (7 September).
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Operating profit was up 3.8% at $1.35bn, while net sales amounted to $50.79bn, a 5% increase on last year.
The company raised its earnings per diluted share guidance for the fiscal year to a range of $2.35 to $2.42. Identical supermarket sales growth for the full year, excluding fuel, is expected to be in the range of 3% to 3.5%.
“Kroger shareholders once again benefited from our Customer 1st strategy. Increased customer loyalty and solid cost controls allowed us to grow sales, profitability, and shareholder value,” said CEO David Dillon.
Click here to read further comment from Dillon on the firm’s results.
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