Kroger Q2 profit rises 14%
Cincinnati -- The Kroger C0.’s second-quarter net income rose 14%, helped by lower charges and increased revenue. The supermarket company also lifted the low end of its fiscal 2013 outlook for a key revenue metric.
"Kroger's strong second quarter results have us on target to deliver the earnings per share growth we promised for the year," said David B. Dillon, Kroger's chairman and CEO.
Kroger earned $317 million for the quarter ended Aug. 17, up from $279 million last year, topping estimates.
The latest quarter included an accounting-related charge of $13 million, compared with a $35 million charge in the prior-year period.
Revenue increased 5% to a better-than-expected $22.72 billion from $21.73 billion, topping Wall Street's estimate of $22.69 billion.