June 18, 2020 / 11:43 AM / 24 days ago

Kroger expects to top 2020 outlook, posts 57% growth in quarterly profit

June 18 (Reuters) - Kroger Co said on Thursday it expects to exceed its 2020 outlook after posting a 57% jump in quarterly profit, as the U.S. supermarket chain benefits from consumers stockpiling groceries and other essentials due to the COVID-19 pandemic.

Net earnings attributable to Kroger rose to $1.21 billion, or $1.52 per share, from $772 million, or 95 cents per share, a year earlier.

Excluding the impact of fuel prices, sales at stores open for more than a year rose 19% in the first quarter ended May 23.

Kroger, however, did not reaffirm or provide new fiscal 2020 forecast. (Reporting by Praveen Paramasivam in Bengaluru; Editing by Subhranshu Sahu)

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