Kroger lifts forecast after stronger third quarter

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Associated Press

Posted on November 29, 2012 at 7:00 AM

Updated Thursday, Nov 29 at 7:02 AM

NEW YORK (AP) — Kroger Co. is raising its earnings outlook for the year after the nation's largest traditional supermarket chain reported a third-quarter profit that topped Wall Street expectations.

The company, which also operates Food 4 Less, Fred Meyer and Dillon's, said it earned $316.5 million, or 60 cents per share, for the three months ended Nov. 3. That compares with $195.9 million, or 33 cents per share, a year ago.

Not including special items, the company earned 46 cents per share. Total sales rose 6 percent to $21.81 billion.

Analysts on average expected an adjusted profit of 43 cents per share on revenue of $21.55 billion, according to FactSet.

Revenue at supermarkets open at least a year, a key gauge of a retail chain's performance, rose 3.2 percent.

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