Kroger 2Q net income up 7.3 pct, sales top $20B

This Sept. 7, 2011 photo shows a jar of Kroger Spanish olives, in Cincinnati. Kroger Co. bagged surges in sales and profits for its second quarter, as the nation?s largest grocery store chain continued to build shopper loyalty in a sluggish economy with incentives such as fuel rewards and special coupons. (AP Photo/Al Behrman)

This Sept. 7, 2011 photo shows a jar of Kroger Spanish olives, in Cincinnati. Kroger Co. bagged surges in sales and profits for its second quarter, as the nation?s largest grocery store chain continued to build shopper loyalty in a sluggish economy with incentives such as fuel rewards and special coupons. (AP Photo/Al Behrman)

CINCINNATI (AP) ? Kroger says profit and sales rose for its second quarter, as the nation's largest grocery store chain continues to build shopper loyalty in a sluggish economy with incentives such as fuel rewards and special coupons.

Kroger Co. reported Friday that net income rose 7.3 percent and sales were up 11.5 percent, to $20.9 billion. Net income was $280.8 million, or 46 cents per share, up from $261.6 million and 41 cents. Analysts expected 43 cents a share on $20.5 billion in sales. Kroger said earnings got a boost from tax adjustments and sales at its gas stations..

Kroger showed a 5.3 percent rise in Identical store sales, a key retail indicator that tracks sales growth at stores that have been open at least 15 months and excludes fuel sales.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2011-09-09-Earns-Kroger/id-b3ef8009053447b5a7699d2f12dcabfa

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