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Kroger swings to profit, shares rise
March 7 |
March 7 (Reuters) - Kroger Co, the biggest U.S. supermarket operator, said on Thursday it swung to a quarterly profit after total sales matched Wall Street's view.
The Cincinnati-based grocer, which operates the Kroger, Ralphs, Smith's and Food 4 Less chains, reported fourth-quarter net earnings of $461.5 million, or 88 cents per share.
In the year-ago quarter Kroger reported a loss of $306.9 million, or 54 cents per share, after it booked a large charge related to consolidating its pension plan.
Total sales, including fuel, rose 12.8 percent to $24.2 billion, largely in-line with analysts' estimate of $24 billion.
The company - whose rivals include discounter Wal-Mart Stores Inc and Target Corp - set its 2013 earnings forecast at $2.71 to $2.79 per share.
Kroger's shares rose 2.7 percent to $30.16 in early trading on the New York Stock Exchange.
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