US retailer Kroger has booked an increase in first-quarter profit and upped its full-year earnings guidance.
In the three months to 25 May, net profit climbed 9.6% to US$481m. Operating profit was up 2.8% to $879m, the retailer reported today (20 June).
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Total sales increased 3.4% to $30bn, while identical supermarket sales growth, without fuel, was 3.3%.
“Kroger achieved strong sales and record earnings per share for the quarter, and our customers’ positive view of us continues to improve,” said CEO David Dillon.
Based on the results, Kroger increased its net earnings guidance to a range of $2.73 to $2.80 per diluted share from its original guidance of $2.71 to $2.79. The retailer continues to expect identical supermarket sales growth, excluding fuel, of around 2.5% to 3.5%.
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