US retailer Kroger has posted a 15% jump in annual profits despite a one-off charge hitting fourth-quarter earnings.
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The company today (11 March) booked net earnings of US$1.2bn, a rise of 15% on the year.
Fourth-quarter net earnings totaled $322.9m, down from $384.8m a year earlier as an unexpected tax charge weighed on profits.
Full-year sales rose 6.2% to $70.2bn for the year to 2 February, as the company made “significant gains in market share” during 2007.
Identical supermarket sales, excluding fuel, rose 5.3%.
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By GlobalData“Our performance last year and our three consecutive years of increases in market share show that Kroger’s strategy is working as we continue to deliver value to both our customers and our shareholders,” said David Dillon, Kroger chairman and CEO.
