“They are pleased with our progress in southern California, particularly in light of the significant challenges they have faced. Our Ralphs and Food 4 Less associates are embracing the plan and are delivering against our strategy. We're seeing solid improvement,” he said.
Kroger Raises Earnings Estimate for 2005
On the strength of its first-quarter financial performance, Kroger today raised its earnings estimate for fiscal 2005. Kroger said it now expects earnings for the full year to exceed $1.24 per fully diluted share, an increase of $0.03 from guidance provided in March. Kroger expects its 2005 earnings per share growth to be fueled by continued progress in southern California, improved results from the balance of the Company, lower interest expense, and fewer shares outstanding as a result of stock buybacks.
“They are off to a good start in 2005. Across the organization, our associates are working together to deliver the best possible shopping experience to our customers every day. Yet they also recognize that a lot of work remains. In this competitive environment, they must do an even better job of understanding and delivering what our customers need so that they can drive profitable sales growth and create the value that our shareholders expect from their investments,” Mr. Dillon said.
Kroger is headquartered in Cincinnati. At he end of the first quarter of fiscal 2005, the Company operated (either directly or through its subsiillon said.
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