Kroger 2Q net income up 7.3 pct, sales top $20B (AP)

CINCINNATI ? Kroger says profit and sales rose for its second quarter, as the nation's largest grocery store chain continues to build shopper loyalty in a sluggish economy with incentives such as fuel rewards and special coupons.

Kroger Co. reported Friday that net income rose 7.3 percent and sales were up 11.5 percent, to $20.9 billion. Net income was $280.8 million, or 46 cents per share, up from $261.6 million and 41 cents. Analysts expected 43 cents a share on $20.5 billion in sales. Kroger said earnings got a boost from tax adjustments and sales at its gas stations..

Kroger showed a 5.3 percent rise in Identical store sales, a key retail indicator that tracks sales growth at stores that have been open at least 15 months and excludes fuel sales.

Source: http://us.rd.yahoo.com/dailynews/rss/economy/*http%3A//news.yahoo.com/s/ap/20110909/ap_on_bi_ge/us_earns_kroger

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