Kroger Q1 profit surges 13%

Cincinnati The Kroger Co. released its first-quarter results Tuesday, reporting that net earnings rose to $435.1 million from $386.0 million in the year-ago period.

Total sales for the period, including fuel, were $22.8 billion, compared with $23.1 billion.

The average retail price for a gallon of gas sold at Kroger's fuel outlets in the first quarter was 41% lower than it was in the first quarter last year. Excluding fuel sales, total sales increased 3.9% over the prior year. Same-store sales, excluding fuel, increased 3.1%.

"By paying close attention to the changing needs of today's shoppers, Kroger continues to refine what it offers customers through lower prices, friendly service and innovative stores that are appealing and convenient. As a result of this approach, we continue to generate solid, consistent results for shareholders," said David B. Dillon, Kroger chairman and CEO.

Kroger operates stores under two dozen local banner names including Kroger, Ralphs, Fred Meyer, Food 4 Less, Fry's, King Soopers, Smith's, Dillons, QFC and City Market.