Kroger Jumps on Strong Fourth Quarter

Updated from 1:58 p.m. EDT Kroger (KR Quote) announced Tuesday an 8% increase in fourth-quarter profit in 2008, prompting a spike in its share price.

Kroger reported net earnings of $349.2 million, or 53 cents per diluted share, for its fiscal fourth quarter, up from $322.9 million, or 48 cents per diluted share, in the same period of 2007. Total fourth-quarter sales were $17.3 billion, compared with $17.2 billion a year earlier. The company said that excluding fuel sales at Kroger supermarket fuel centers and convenience stores, total sales increased 4.4% over the prior year. Identical supermarket sales, excluding fuel, increased 3.8% over the same period last year, Kroger said.

Analysts polled by Thomson Reuters had expected earnings of 51 cents per share, on revenue of $18.3 billion.

For fiscal 2008, total sales increased 8.2% to $76.0 billion over the same period last year, Kroger said. Identical supermarket sales, excluding fuel, rose 5% compared with the same period a year ago. ...