CINCINNATI -- An aggressive expansion program fueled first-quarter sales and earnings increases at Kroger Co. here.
Net income jumped 27.6% to $75.4 million from $59.1 million. First-quarter operating cash flow increased 8.3% to a record $278.1 million from $256.9 million. An extraordinary item of $1.1 million for early retirement of debt also was recorded in the quarter.
"Kroger achieved strong sales and EBITD [earnings before interest, taxes and depreciation] gains as we continued our aggressive store opening and expansion program," Joseph Pichler, chairman and chief executive, said in a statement. "These solid results were achieved despite increased competitive openings in several major markets and startup costs associated with our accelerated storing program and the deployment of new logistics and information systems in Kroger stores, distribution centers and manufacturing plants."
