CINCINNATI — Kroger Co. here on Tuesday posted better-than-expected financial results for its fiscal second quarter, as both sales and profits improved for the period and edged out ahead of analysts' projections.
Net income for the period totaled $261.6 million, up about 2.8% over year-ago levels. Identical-store sales excluding fuel rose 2.7%, and total sales at the company were up 6%, to $18.8 billion, compared with the second quarter of 2009. Earnings per share were 41 cents, vs. 39 cents a year ago and vs. analysts' expectations of 36 cents per share.
"Kroger's sales have remained solid in the face of competitive and economic challenges because of the strong credibility we have with our shoppers," said David Dillon, chairman and chief executive officer, in a prepared statement.
Through the first two quarters net income totaled $635.3 million, down about 7.9%, while sales were up about 7.7%, and same-store sales, excluding fuel, were up 2.6%.
Kroger maintained projections of 2% to 3% same-store sales growth for the year and earnings per share of $1.60 to $1.80.
