US retail chain Kroger today (Wednesday) reported a 5.9 per cent rise in total sales to US$18.7bn in the third quarter of 2010, up from US$17.7bn for the same period last year.
Excluding fuel, total sales rose 3.1 per cent for the quarter, which ended on November 6. And identical supermarket sales, without fuel, increased 2.4 per cent compared to prior year period.
Net earnings totalled US$202.2m. This compares to a net loss of US$874.9m Kroger reported in the third quarter of fiscal 2009.
"Kroger customers today are looking for lower prices and a great shopping experience, and our customer strategy delivers all that and more," said Kroger chairman and chief executive officer David B Dillon. "Our team increased identical supermarket sales, earnings and earnings per share in the third quarter while controlling expenses to keep prices low for our customers. These results show Kroger's strategy is working and that our core grocery business is strong and resilient."
Headquartered in Cincinnati, Ohio, Kroger says it is the US' largest traditional grocery retailer, with over 2,400 supermarkets and multi-department stores in 31 states under 24 local banner names.
"We expect a solid end to our fiscal year," Mr Dillon said in a statement. "We remain focused on delivering sustainable earnings growth today for our shareholders while investing for the future."
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