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Retail

Kroger Shares Jump After Supermarket Chain Boosts Its Forecast

Kroger rose as much as 8.1 per cent in early trading on Friday after the largest US supermarket chain topped quarterly earnings estimates and raised its forecast for the year.

Second-quarter earnings amounted to 44 cents a share, the company said in a statement Friday. Analysts had projected 40 cents on average, according to data compiled by Bloomberg. Revenue was in line with estimates at $25.5 billion. The company now expects earnings of as much as $1.98 a share in the fiscal year, up from a previous forecast of $1.95.

Kroger, based in Cincinnati, credited its results to same-store sales growth and efforts to control costs. The company also is expanding its e-commerce operations and adding 20,000 new jobs.

Bloomberg News, edited by ESM To subscribe to ESM: The European Supermarket Magazine, click here.

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