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The Kroger Co
reported upbeat earnings for the second quarter and raised its FY14 earnings forecast.
The Cincinnati, Ohio-based company posted quarterly net earnings of $347 million, or $0.70 per share, versus $317 million, or $0.60 per share, in the year-ago period. The company recorded a $26 million LIFO charge in the second quarter, versus a $13 million LIFO charge in the year-ago quarter.
Its total sales rose 11.6% to $25.3 billion from $22.7 billion, while total sales, excluding fuel, climbed 12.4%. However, analysts were expecting earnings of $0.69 per share on revenue of $24.92 billion.
FIFO gross margin came in at 20.54% of sales, while FIFO operating profit, excluding fuel, rose around $40 million versus the prior year.
During the quarter, the company repurchased 1.6 million common shares for a total investment of $78 million.
"We are winning with customers because we offer a full range of advantages including a great overall shopping experience, excellent customer service, a complete assortment of both national and corporate brand products, and everyday low prices and promotional offerings," said Rodney McMullen, Kroger's chief executive officer.
Kroger now expects FY14 earnings of $3.22 to $3.28 per share, versus its earlier forecast of $3.19 to $3.27 per share. It also expects same-store sales growth of 3.5% to 4.25%, versus its earlier outlook for 3% to 4% growth.
Kroger shares rose 0.44% to $52.10 in pre-market trading.
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