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Kroger Q1 profit up 4%, helped by Harris-Teeter; raises forecast
Cincinnati – Kroger Co. reported a 4% increase in its first-quarter profit, helped by the addition of Harris-Teeter, which the grocery giant acquired in January 2014. Kroger raised its net earnings and same-store sales forecast for the fiscal year.
The company earned $501 million in the quarter, up from $481 million in the year-ago period. The payment of $56 million to withdraw from two pension funds negatively impacted Kroger’s net earnings.
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Promotions impact Pier 1 profit
Fort Worth, Texas – Promotions took their toll on profitability at Pier Imports Inc. during the first quarter of fiscal 2015. The company reduced its earnings guidance for fiscal 2015.
Net earnings fell 25% to $15.1 million from $20.3 million in the same quarter of fiscal 2014.
Total sales for the first quarter were $419.1 million, a 6.1% increase from $394.9 million in the year-ago quarter. Same-store sales increased 6.3%, attributable to increases in total brand traffic, conversion and higher average ticket.