Kroger (NYSE: KR) raised its forecast for the year after reporting strong third-quarter earnings. The news comes despite the fact inflation has pushed up prices for products like milk, eggs, and other groceries.
The American retail company reported earnings of USD0.88 per share, compared to the expected USD0.82 a share. Revenue amounted to USD34.2 Billion, higher than analysts anticipated USD33.96 Billion. Kroger’s identical sales were up 6% within the quarter, not including fuel.
“Kroger achieved strong results in the third quarter as we continue to execute our Leading with Fresh and Accelerating with Digital strategy. Our associates are doing an outstanding job delivering a full, fresh, and friendly experience across our seamless store and digital ecosystem,” said Chairman and CEO Rodney McMullen.
He added: “This quarter demonstrates the strength of our approach to growing our business. By delivering for our customers, investing in our associates, and supporting our communities, we are creating attractive and sustainable total returns for our shareholders.”
Kroger’s shares have risen 9% since the beginning of the year and have a current market value of USD35.21 Billion.