Kroger
The corporate parent of King Soopers and City Markets on Tuesday posted increased sales and profits as the nation’s largest traditional grocer sees more households regularly shopping at its stores.
Kroger reported net income of $261.6 million, or 41 cents a share. That’s up 2.8 percent from $254.4 million, or 39 cents a share, a year ago. Revenue rose 6 percent to $18.8 billion, after $17.7 billion last year; excluding fuel sales, revenue rose 3.3 percent.
Analysts surveyed by Thomson Reuters expected 36 cents a share and $18.7 billion in revenue.
Best Buy
Growth in the cellphone business helped the electronics retailer’s second-quarter net income jump 60 percent, the company said Tuesday. Best Buy sounded an optimistic note about the holiday season and raised its guidance for the year.
In the three months ended Aug. 28, revenue in stores open at least 14 months edged down 0.1 percent and sales of flat-screen TVs continued to be weak. But that was offset by strength at Best Buy Mobile, which Best Buy is aggressively expanding.
Second-quarter net income rose to $254 million, or 60 cents per share. That compares with $158 million, or 37 cents per share, last year. Revenue rose 3 percent to $11.34 billion.
