US supermarket operator Kroger has announced its results for the fourth quarter of the year, with net sales rising 7.7 per cent to US$21.4bn and identical supermarket sales (excluding fuel) increasing 4.9 per cent.
Adjusted earnings for the quarter were US$283.8m, although, including the impact of the United Food and Commercial Workers Union (UFCW) pension plan consolidation, the retailer reported a net loss of US$306.9m compared to net earnings of US$278.8m in 2010.
'We are very pleased with Kroger's outstanding performance in fiscal year 2011 and strong fourth quarter financial results,' said David Dillon, Kroger chairman and CEO. 'Our Customer 1st strategy is delivering value for our customers who are rewarding Kroger with their loyalty. Customer loyalty in turn is driving sales and shareholder returns.'
For the full-year, total sales rose 10.2 per cent to US$90.4bn, while excluding the effect of the UFCW pension plan consolidation earnings amounted to US$1.2bn.
'Kroger increased identical sales, grew market share and invested wisely to continue to win customer loyalty,' Dillon added. 'That we were able to raise earnings per share and identical sales guidance through the year and achieve those higher results demonstrates the strength of our business strategy and momentum for a strong 2012.'
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