US retailer Kroger has raised its full-year earnings guidance after booking an increase in first-half profits.
In the six months to the end of June, earnings climbed to US$718.4m from $713.1m a year earlier, the company reported today .
Operating profit was up 3.8% at $1.35bn, while net sales amounted to $50.79bn, a 5% increase on last year.
The company raised its earnings per diluted share guidance for the fiscal year to a range of $2.35 to $2.42. Identical supermarket sales growth for the full year, excluding fuel, is expected to be in the range of 3% to 3.5%.
"Kroger shareholders once again benefited from our Customer 1st strategy. Increased customer loyalty and solid cost controls allowed us to grow sales, profitability, and shareholder value," said CEO David Dillon.
