Kroger Co. said second-quarter earnings increased by 7.3% on a sales increase of 11.5%.Kroger reported earnings of $280.8 million on sales of $18.8 billion in the quarter, which ended August 13. Identical-store sales excluding fuel increased by 5.3% in the quarter.
The sales results prompted Kroger to raise its guidance for annual sales growth to 4% to 5% from earlier projections of 3.5% to 4.5%. Gross margins fell by 53 basis points to 21% of sales in the quarter.
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