NEW YORK – Kroger says its customers are doing more of their shopping at its supermarkets, helped in part by the popularity of its store brands.
The country’s largest traditional supermarket operator on Thursday raised its profit outlook for the year after reporting a higher quarterly net income that beat Wall Street expectations, although overall sales were shy of forecasts.
The Cincinnati-based company, which also owns Fred Meyer, Ralphs, Fry’s and Food 4 Less, said sales at stores open at least a year rose 3.3 percent during the period, excluding fuel.
For the quarter, The Kroger Co. earned $481 million, or 92 cents per share. That’s compared with $439 million, or 78 cents per share, a year earlier.