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Amazon.com Inc | NASDAQ:AMZN | NASDAQ | Common Stock |
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By Tess Stynes
Kroger Co. said its earnings rose 23% on stronger-than-expected sales, and that it also benefited from stronger fuel margins during the January quarter.
Shares rose 4.3% to $72.61 in recent premarket trading as the largest grocery chain in the U.S. also issued strong guidance for the year ending in January 2016.
Kroger expects per-share earnings of $3.80 to $3.90, above estimates of analysts polled by Thomson Reuters for per-share profit of $3.72.
Kroger also projected identical supermarket sales growth, excluding fuel, of roughly 3% to 4%, citing expectations for lower inflation during the year.
Cincinnati-based Kroger has been taking a bigger share of the food-retail market, which has expanded in recent years to encompass everything from Wal-Mart Stores Inc. to dollar stores. Kroger has turned in stronger performances than other supermarket chains, partly because it cut prices ahead of the recession and expanded its store-brand products faster than most rivals.
Kroger also has been buoyed by its acquisition of higher-end supermarket chain Harris Teeter its late January 2014. Another acquisition Kroger made last year, Vitacost.com, provided access to online ordering and delivery, an area of increasing importance delivery, an area of increasing importance for grocery chains amid burgeoning competition from companies like Amazon.com Inc. and FreshDirect.
For the period ended Jan. 31, Kroger reported a profit of $518 million, or $1.04 a share, up from $422 million, or 81 cents a share, a year earlier. Revenue increased 8.5% to $25.2 billion.
Analysts polled by Thomson Reuters expected per-share profit of 90 cents and revenue of $25.13 billion.
Sales at locations open at least 15 months, excluding fuel, rose 6%.
Write to Tess Stynes at tess.stynes@wsj.com
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