Kroger Has Healthy 3rd Quarter, Raises Earnings Guidance For The Full Year

The Kroger Co. reported a third quarter profit of $195.9 million (or 33 ¢ a share) on sales of $20.6  billion. Though sales over last year’s third quarter were up 10.3 percent, profit dropped slightly (3.12 percent). Identical supermarket sales, without fuel, increased five percent in the third quarter over the same period last year, marking 32 consecutive quarters of identical supermarket sales increases. CEO David B. Dillon said third quarter financial performance was ”outstanding,” thanks in part to a “Customer 1st strategy” being implemented by sales associates. Based on the consistency of the results, the company raised its earnings per share guidance for the year to between $1.95 and $2.00. The previous range was $1.85 to $1.95.