Kroger 1Q results beat analysts’ expectations; lifts fiscal 2014 adjusted profit forecast

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This Tuesday, June 17, 2014 photo shows a Kroger store in Houston. Kroger reports quarterly financial results on Thursday, June 19, 2014. (AP Photo/David J. Phillip)

CINCINNATI – Kroger is reporting a 4 per cent jump in first-quarter profit and the nation’s biggest supermarket raised its earnings forecast for the year.

Shares rose 5 per cent before the opening bell Wednesday and appear to be headed for an all-time high.

The Cincinnati company, which also runs Ralphs, Fry’s and other chains — earned $501 million, or 98 cents per share, for the quarter. That compares with $481 million, or 92 cents per share, a year ago.

Removing non-recurring charges, The Kroger Co. earned $1.09 per share, four cents better that Wall Street analysts had been projecting.

Revenue jumped 10 per cent to $32.96 billion, which also edged out expectations due in part to a new acquisition, the grocer and pharmacy Harris Teeter.

Sales at established locations climbed 4.6 per cent, excluding fuel.

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