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CINCINNATI -- The Kroger Co. reported a slight drop in first-quarter revenue on lower fuel prices, but a solid increase in earnings, according to the Portland Business Journal.
Cincinnati-based Kroger revealed $22.89 billion in sales in the first quarter, which ended May 23, a 1.2-percent drop from the same period in 2008. Earnings rose to $435.1 million, a 12.7-percent increase.
The company attributed the decline in overall revenue to a 41-percent decline in the price of gas compared to early 2008. Excluding fuel sales, it said total sales increased 3.9 percent and same-store sales increased 3.1 percent.
Kroger affirmed it expects same-store sales growth of 3 percent to 4 percent in 2009.
In addition to its nationwide supermarkets and department stores under two dozen names, Kroger also operates 781 fuel centers and 771 convenience stores.
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