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Which Credit Card Rewards Does the IRS Care About?On Tuesday, both Kroger Co. (NYSE: KR), the nation's largest traditional grocer, and casual dining chain operator Darden Restaurants Inc. (NYSE: DRI) reported better-than-expected profit increases.
Cincinnati-based Kroger Co. said first-quarter profits rose 15% from the year-ago quarter to $386 million, or 58 cents per share, due in part to discounts on food, gas, and drugs that drew in budget-strapped consumers. For the quarter ended May 24, revenue climbed 12% to $23.11 billion.
Analysts polled by Thomson Financial had expected a earnings of 55 cents a share on revenue of $22.32 billion.
Kroger also reported that same-store sales rose 5.8%, excluding fuel, and 9.2% including fuel sales.
The company offered fiscal-year earnings guidance of $1.85 to $1.90 per share, compared to the analysts' forecast of $1.90 per share.
Kroger shares rose $1.82 Tuesday to $27.82, then fell in after-hours trading. The shares have risen 10.2% in the past three months.
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