the republic logo

Kroger beats 3Q earnings and revenue expectations, boosts full-year outlook, shares rise

bug
Share/Save/Bookmark

CINCINNATI — Kroger reported third-quarter results Thursday that beat Wall Street expectations as sales rose at its stores. The grocer also boosted its full-year outlook, and its shares rose to an all-time high.

The Cincinnati-based company reported net income of $362 million, or 73 cents per share. Its adjusted earnings excluding a tax benefit amounted to 69 cents per share. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 61 cents per share.

The supermarket chain posted revenue of $24.99 billion in the period, up from $22.47 billion a year ago. Analysts expected $24.85 billion, according to Zacks.

Kroger now expects full-year earnings in the range of $3.32 per share to $3.36 per share, up from its previous guidance between $3.22 per share and $3.28 per share. Analysts expected earnings of $3.29 per share, according to FactSet.

Besides its namesake supermarkets, The Kroger Co. also operates City Market, Ralphs, Food 4 Less and other stores.

Its shares rose $2.13, or 3.6 percent, to $60.79 in late morning trading Thursday after rising to $60.88 earlier, an all-time high.

_____

Elements of this story were generated by Automated Insights (http://www.automatedinsights.com/ap ) using data from Zacks Investment Research. KR stock research report from Zacks: http://www.zacks.com/ap/KR .

_____

Keywords:Kroger,Earnings Report

Think your friends should see this? Share it with them!

Story copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Feedback, Corrections and Other Requests: AP welcomes feedback and comments from readers. Send an email to info@ap.org and it will be forwarded to the appropriate editor or reporter.


We also have more stories about:
(click the phrases to see a list)

Category:

Follow The Republic:

All content copyright ©2014 The Republic, a division of Home News Enterprises unless otherwise noted.
All rights reserved. Privacy policy.