Kroger's original guidance for earnings per share growth in 2006 of 6 – 8 percent did not contemplate the need to increase legal reserves. Based on first quarter results, the Company's guidance for earnings per share growth in 2006 remains at 6 – 8 percent, including the increase in legal reserves. Absent the need to increase these reserves, Kroger's projected earnings per share growth rate would be 9 –11 percent for fiscal 2006.
"Our results this quarter can be tied directly to the contributions of our 290,000 associates. We appreciate their hard work and thank them for making strides in several key areas, including continually improving our customers' shopping experience," Mr. Dillon said.
Kroger is one of the nation's largest retail grocery chains. At the end of the first quarter of fiscal 2006, the Company operated 2,483 supermarkets and multi-department stores in 31 states under two dozen local banners including Kroger and Kroger Marketplace, Ralphs, Fred Meyer, Food 4 Less, King Soopers, Smith's and Smith's Marketplace, Fry's and Fry's Marketplace, Dillons, QFC and City Market.
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