Kroger expects solid ident sales growth

CINCINNATI Through the first eight weeks of the third quarter, which began Aug. 17, Kroger said identical supermarket sales growth continues to trend above 5% without fuel. Sales in the second four weeks of the quarter were stronger than sales in the first four weeks of the quarter. These identical supermarket sales trends include stores that were temporarily closed as a result of Hurricane Ike.

"Kroger continues to see solid identical sales growth through the first eight weeks of the third quarter because of the commitment of associates in all aspects of our business to our customer-driven strategy. In this uncertain economy, we are delivering value to shoppers on any budget through our Customer 1st approach," said David Dillon, Kroger chairman and ceo.

Based on Kroger's year-to-date results and management's outlook for the remainder of the fiscal year, the company reaffirmed that it expects identical supermarket sales growth of 4.5% to 5.5%, excluding fuel, for fiscal 2008. The company also confirmed its fiscal 2008 earnings guidance of $1.85 to $1.90 per diluted share, excluding the effect of Hurricane Ike. This range reflects 9% to 12% growth over fiscal 2007 earnings of $1.69 per diluted share.