Kroger Posts Strong Sales Growth In 1Q 2016

Kroger Co. reported total sales grew 4.7 percent to $34.6 billion in the first quarter of 2016, compared with $33.1 billion for the same quarter of the previous year. Net earnings reached $680 million, or $0.70 per diluted share, with same-store sales, withou fuel, growing 2.4 percent during the period. Total sales, fuel and Roundy's excluded, rose 3.5 percent, compared with the same period in 2015. FIFO gross margin was 23.0 percent of sales; however, without fuel and Roundy's, FIFO gross margin declined 2 basis points. Kroger reported a $15 million LIFO charge during the quarter, compared with $28 million in the previous year.