Kroger reports higher profit, raises outlook

NEW YORK (AP) - Kroger has raised its outlook for the year after the country’s largest traditional supermarket chain reported a fiscal first-quarter profit that beat Wall Street expectations.

The Cincinnati-based company, which also owns Ralphs, Fry’s and Food 4 Less, said sales at stores open at least a year rose 3.3 percent during the period, excluding fuel.

For the quarter, The Kroger Co. earned $481 million, or 92 cents per share. That’s compared with $439 million, or 78 cents per share, in the year-ago period.

Revenue rose to $30.04 billion.

Analysts on average expected a profit of 88 cents per share on revenue of $30.1 billion.

Kroger increased its net earnings guidance for the year to a range of $2.73 to $2.80 per share, up from $2.71 to $2.79.

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