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.
Net earnings totaled $254.4 million, or .39 per diluted share, for the second quarter, compared with net earnings of $276.5 million, or .42 per diluted share, in the same period last year.
Kroger is the fourth largest private employer in the state of West Virginia, according to data recently released by Workfoce West Virginia. The company has 46 retail locations in West Virginia.
"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," David B. Dillon, Kroger's chairman and chief executive officer, said in a prepared statement. "Kroger's customer-focused strategy is generating and will continue to generate long-term value for our shareholders."
Fiscal 2009 Year-to-Date Results
For the first two quarters of fiscal 2009, total sales were $40.5 billion compared with $41.2 billion for the same period last year. Excluding fuel sales, total sales increased 3.7% over the prior year. For the same period, identical supermarket sales, excluding fuel, increased 2.9%.
Net earnings for the first two quarters of fiscal 2009 were $689.5 million or $1.05 per diluted share. Net earnings for the same period last year were $662.5 million, or $1.00 per diluted share.
Fiscal Year 2009 Guidance
Kroger confirmed its expectations for full-year identical supermarket sales growth of 3% to 4%, without fuel, for fiscal 2009. This guidance assumes product costs for the remainder of fiscal 2009 are consistent with or slightly lower than they were in the second half of fiscal 2008.
Kroger now expects full-year fiscal 2009 earnings of $1.90 to $2.00 per diluted share. This reduced guidance reflects changes in customer behavior and other factors related to the economic environment that Kroger expects to influence its business for the remainder of the year.
Kroger remains committed to delivering solid near-term financial results while investing for the future growth of its business. In addition, Kroger's dividend enhances total shareholder return by over 1% on annual basis.
"We remain on our plan. Our approach and the investments we are making continue to strengthen Kroger today and position us well for future growth," Dillon said. "Our customers are increasingly turning to Kroger's family of stores to meet even more of their everyday household needs."
Kroger, one of the nation's largest retail grocery chains, employs more than 326,000 associates who serve customers in 2,470 supermarkets and multi-department stores in 31 states under two dozen local banner names including Kroger, Ralphs, Fred Meyer, Food 4 Less, Fry's, King Soopers, Smith's, Dillons, QFC and City Market. The Company also operates 768 convenience stores, 388 fine jewelry stores, 818 supermarket fuel centers and 40 food processing plants in the U.S.
For more information about Kroger, please visit www.kroger.com.
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