Wal-Mart (WMT) is not the only retailer benefiting from the consumer’s need to be cheap. Kroger (KR), which sells groceries to the middle class, reported robust earnings.
The chain said it had revenue of $18.1 billion for the second quarter ended August 16, an increase of 11.9% over the same period last year. Same-store sales increased 9.7%.
Based on Kroger’s year-to-date results and management’s outlook for the remainder of the fiscal year, it raised the low end of its range for annual same-store sales guidance to 4.5%.
KR confirmed its fiscal 2008 earnings guidance of $1.85 to $1.90 per share. The range reflects 9% to 12% growth over fiscal 2007 earnings of $1.69 per share.
Douglas A. McIntyre
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