Leading US supermarket chain Kroger has reported good results for the first quarter of 2009, ended 23 May, with net income increasing to US$435.1m (66 cents per share) from US$386m (58 cents per share) in the year-earlier period.
The result topped analysts' average forecasts of 61 cents per share, according to a report by Reuters.
Total sales fell to US$22.8bn during the quarter from US$23.1bn in the first quarter 2008, hit by lower fuel prices, with identical supermarket sakes excluding fuel rising 3.1 per cent. Full-year identical store sales are expected to increase between 3-4 per cent.
The group, which operates own-banner stores as well as Ralphs and Food 4 Less, has moved to offer lower-priced items to compete with Wal-Mart through the current economic crisis.
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