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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.