CINCINNATI (AP) — Kroger reported third-quarter results Thursday that beat Wall Street expectations as sales rose at its stores. The grocer also boosted its full-year outlook, and its shares rose to an all-time high.
The Cincinnati-based company reported net income of $362 million, or 73 cents per share. Its adjusted earnings excluding a tax benefit amounted to 69 cents per share. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 61 cents per share.
The supermarket chain posted revenue of $24.99 billion in the period, up from $22.47 billion a year ago. Analysts expected $24.85 billion, according to Zacks.
Kroger now expects full-year earnings in the range of $3.32 per share to $3.36 per share, up from its previous guidance between $3.22 per share and $3.28 per share. Analysts expected earnings of $3.29 per share, according to FactSet.
Besides its namesake supermarkets, The Kroger Co. also operates City Market, Ralphs, Food 4 Less and other stores.
Its shares rose $2.13, or 3.6 percent, to $60.79 in late morning trading Thursday after rising to $60.88 earlier, an all-time high.