Cincinnati, Ohio-based grocery giant Kroger expects to exceed the First Call consensus earnings estimate of US$0.44 per share, excluding one-time items, for the Q1 ended 25 May 2002.
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Kroger also said it expects to report that identical food store sales, including fuel, increased 0.6% in the Q1. Excluding fuel, identical food-store sales were slightly positive.
“We are pleased with the early results of the strategic growth initiatives,” said Joseph A. Pichler, Kroger chairman and CEO. “Identical food store sales are showing continued improvement and we are making steady progress toward the goals announced 11 December 2001.”
Kroger plans to report results for its Q1 on 25 June 2002.
Looking ahead, Kroger said it remains comfortable with achieving its previously announced earnings per share growth target of 10-12%, before one- time items, for FY 2002. Adjustments to goodwill required by new FASB rules will improve FY 2002 EPS by an estimated US$0.11 per share.
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