Cincinnati-based Kroger Co. reports fiscal third-quarter net income slipped 2 percent. Still, the performance beat analysts' expectations and the nation's largest grocery chain raised its full-year earnings forecast.
Revenue at supermarkets open at least a year grew 5 percent, taking out fuel, marking the 32nd straight quarter that the figure has increased, according to the company.
Kroger now expects full-year earnings of $1.95 to $2 per share, up from a previous outlook for earnings between $1.85 and $1.95 per share, and revenue from supermarkets open at least a year to grow 4.5 to 5 percent.
The grocer retailer operates 2439 supermarkets and multi-department stores in 31 states under the names Kroger, City Market, Dillons, Jay C, Food 4 Less, Fred Meyer, Fry's, King Soopers, QFC, Ralphs and Smith's. The company also runs 796 convenience stores, 363 fine jewelry stores, 1067 supermarket fuel centers and 40 food processing plants in the U.S.