LOS ANGELES (Reuters) - Kroger Co (KR.N), the biggest U.S. supermarket chain reported higher quarterly net profit as robust sales eased worries that higher food prices would cause shoppers to reel in spending.
Kroger’s net income was $280.8 million, or 46 cents per share, for the second quarter, ended August 13, up from $261.6 million, or 41 cents per share, a year earlier.
Excluding certain tax adjustments, earnings for the quarter would have been 41 cents per share.
Cincinnati-based Kroger increased its full-year growth forecast for closely watched identical supermarket sales on healthy second-quarter results, but repeated its call for full-year earnings at the top end of the range of $1.85 per share to $1.95 per share.
Reporting by Lisa Baertlein, editing by Dave Zimmerman