CINCINNATI (AP) — Kroger is reporting a 4 percent jump in first-quarter profit and the nation's biggest supermarket raised its earnings forecast for the year.
Shares rose 5 percent before the opening bell Wednesday and appear to be headed for an all-time high.
The Cincinnati company, which also runs Ralphs, Fry's and other chains — earned $501 million, or 98 cents per share, for the quarter. That compares with $481 million, or 92 cents per share, a year ago.
Removing non-recurring charges, The Kroger Co. earned $1.09 per share, four cents better that Wall Street analysts had been projecting.
Revenue jumped 10 percent to $32.96 billion, which also edged out expectations due in part to a new acquisition, the grocer and pharmacy Harris Teeter.
Sales at established locations climbed 4.6 percent, excluding fuel.