UPDATE: Kroger Q2 Profit Surges 14%

Kroger Co

reported a 14% rise in its fiscal second-quarter earnings. Kroger's quarterly profit surged to $317 million, or $0.60 per share, from $279 million, or $0.51 per share, in the year-ago period. Its total sales rose 4.6% to $22.72 billion. However, analysts were expecting earnings of $0.60 per share on revenue of $22.71 billion. Kroger's operating margin widened to 2.6% from 2.5%. Kroger now projects FY13 identical-supermarket sales to rise 3% to 3.5%, excluding fuel. The company had earlier expected sales growth of 2.5% to 3.5%. Kroger shares closed at $37.67 yesterday.