by Christopher Freeburn | June 14, 2012 2:45 pm
Supermarket chain Kroger (NYSE:KR) reported that its income for the fiscal first quarter rose 1.6% to $439.4 million.
EPS for the quarter was 78 cents, which beat Wall Street, which had been looking for EPS of 72 cents, Reuters noted.
The company said that first-quarter sales increased 5.8% to $29.1 billion.
Investors liked the results. Kroger shares rose more than 5% in Thursday afternoon trading.
Same-supermarket sales rose 4.2%, excluding fuel. That missed analysts’ predictions of 4.9% growth.
The company raised its outlook for the rest of the year. It now projects earnings at between $2.33 and $2.40 a share. It had earlier predicted earnings of between $2.28 and $2.38 per share.
The new guidance topped Wall Street’s estimate of $2.32 a share.
Same-store sales, excluding fuel, are expected to grow between 3% and 3.5%, the company said.
Other supermarket chains saw their shares move upward in Thursday trading, including Safeway (NYSE:SWY), Wal-Mart (NYSE:WMT) and Supervalu (NYSE:SVU).
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