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Kroger Q1 profits up 6.2% on strong sales
22 Jun '05
5 min read
One of the nation's largest grocery chain retailer The Kroger Co reported net earnings of $294.3 million, or $0.40 per fully diluted share, for the first quarter ended May 21, 2005. Net earnings in the year-ago period were $262.8 million, or $0.35 per fully diluted share.
Identical Supermarket Sales, Including Southern California, Rose 3.8% With Fuel and 2.4% Without Fuel; Company Raises Earnings Estimate for 2005.
Total sales for the first quarter of fiscal 2005 increased 6.2% to $17.9 billion. Identical supermarket sales increased 3.8% with fuel and 2.4% without fuel.
“Kroger's associates are focused on providing our customers with high levels of service, selection and value. That was the key to our performance in the first quarter,” said David B. Dillon, Kroger chairman and chief executive officer.
“They are targeting the areas of our business that our customers have told us are most important to them. Whether it's speeding up the checkout process, making sure our stores have the right products in stock, or rewarding our best customers with special savings, we're committed to making sure that every decision they make positively influences the way our customers feel about Kroger.”
He said Kroger's emphasis on placing the “customer first” generated increased customer traffic and higher average transaction size in identical supermarkets during the first quarter. Kroger's identical supermarket sales, excluding fuel and strike-affected stores, have shown sequential improvement for eight of the past nine quarters.
Identical Supermarket Sales, Including Southern California, Rose 3.8% With Fuel and 2.4% Without Fuel; Company Raises Earnings Estimate for 2005.
Total sales for the first quarter of fiscal 2005 increased 6.2% to $17.9 billion. Identical supermarket sales increased 3.8% with fuel and 2.4% without fuel.
“Kroger's associates are focused on providing our customers with high levels of service, selection and value. That was the key to our performance in the first quarter,” said David B. Dillon, Kroger chairman and chief executive officer.
“They are targeting the areas of our business that our customers have told us are most important to them. Whether it's speeding up the checkout process, making sure our stores have the right products in stock, or rewarding our best customers with special savings, we're committed to making sure that every decision they make positively influences the way our customers feel about Kroger.”
He said Kroger's emphasis on placing the “customer first” generated increased customer traffic and higher average transaction size in identical supermarkets during the first quarter. Kroger's identical supermarket sales, excluding fuel and strike-affected stores, have shown sequential improvement for eight of the past nine quarters.
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