UPDATE: Kroger Posts Rise In Q1 Profit, Lifts Forecast
Kroger Co (NYSE: KR) reported a rise in its Q1 profit and lifted its FY12 profit forecast.
It raised its FY12 profit forecast to $2.33 to $2.40 per share, versus its previous outlook of $2.28 to $2.38 per share. Analysts were expecting 2012 profit of $2.32 per share. The company's board also approved a $1 billion stock buyback.
Kroger's quarterly profit surged to $439.4 million, or $0.78 per share, versus $432.3 million, or $0.70 per share, in the year-earlier period. Its sales surged to $29.1 billion from $27.5 billion.
Analysts were expecting earnings of $0.72 per share on sales of $29.2 billion.
Kroger shares gained 4.27% to $22.20 in pre-market trading.
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