Kroger's profit beats Wall Street expectations

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Associated Press

Posted on March 7, 2013 at 8:00 AM

Updated Thursday, Mar 7 at 8:02 AM

NEW YORK (AP) — Kroger's fourth-quarter profit handily beat Wall Street expectations, as the country's largest traditional supermarket chain benefited from an extra week in the period.

The Cincinnati-based company, which also owns Ralphs and Food 4 Less, said revenue at stores open at least a year rose 3 percent for the quarter, excluding fuel.

For the quarter, the company earned $461.5 million, or 88 cents per share. That compares with a loss of $306.9 million, or 54 cents per share, a year ago, when results were weighed down by pension costs.

Not including one-time items, adjusted earnings for the latest period were 77 cents per share.

Revenue rose 13 percent to $24.2 billion.

Analysts on average expected an adjusted profit of 70 cents per share on revenue of $24 billion.

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