Kroger 2Q Profit Up on Sales Growth

Cincinnati Kroger Co. announced Tuesday its second-quarter profit rose 3.4% on strong sales growth.

Net income for the three months ended Aug. 16 was $276.5 million, up from $267.3 million a year earlier.

Kroger reported second-quarter revenue of $18.1 billion, up nearly 12% from $17.6 billion a year ago.

Same-store sales rose 4.7% excluding fuel, and 9.7% including fuel sales for the quarter.

Kroger said Hurricane Ike and its remnants affected Kroger operations in Texas and several inland states particularly Indiana, Kentucky and Ohio. The financial impact of the hurricane will not be significant enough to cause Kroger to alter its strategy, the grocery retailer said.

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