Kroger Reports Solid Q2 Sales, Earnings

The Kroger Co. posted net earnings of $317 million, or 60 cents per diluted share, versus $279 million, or 52 cents per diluted share, in the second quarter last year. Identical store sales, without the impact of fuel sales, gained 3.3%.

Kroger matched a Zacks Consensus Analyst Estimate of 60 cents per diluted share.

Total sales gained 4.6% to $22.7 billion in the quarter versus the period last year. Operating profit was $595 million versus $535 million in the 2012 quarter.

“Kroger’s strong second quarter results have us on target to deliver the earnings per share growth we promised for the year,” said David Dillon, Kroger’s chairman and CEO. “As we have shown quarter after quarter, our consistent execution of the Customer First Strategy deepens customer loyalty, increases sales and creates sustainable shareholder value. We are improving our connection with customers and associates, rewarding shareholders and investing to grow our business. We intend to continue building on this positive momentum with execution at every level of the company to achieve our long-term earnings per share growth rate of 8% to 11% in fiscal 2013 and beyond.”