Kroger reports Q2 earnings


CINCINNATI Kroger reported same-store sales increased 2.6% (excluding fuel) in the second quarter of its fiscal 2009 ended Aug. 15, compared with the same period last year.

Total sales, including fuel, in the second quarter were $17.7 billion, compared with $18.1 billion for the same period last year. Excluding fuel sales, total sales increased 3.5% over the prior year.

The retailer reported a drop in net income to $254.4 million, or $0.39 per diluted share, for the second quarter, compared with net earnings of $276.5 million, or $0.42 per diluted share, in the same period last year.

"We remain confident in our strategy. The number of loyal households we serve and the number of items they are buying in our stores grew during the quarter. As a result, we experienced exceptional tonnage growth," said David B. Dillon, Kroger's chairman and CEO. "Kroger's customer-focused strategy is generating and will continue to generate long-term value for our shareholders."

This ad will auto-close in 10 seconds