Kroger (NYSE:KR) announced that it earned 51 cents per share in the second quarter, beating expectations. Net earnings were down slightly, to $279.1 million versus $280.8 million for the same quarter last year, which the company attributed to paying higher taxes. Earnings per share were up, however, at 51 cents versus 46 cents last year, due to a reduction in the number of shares. The company repurchased 23.7 million common shares for a total of $525 million during the quarter.
The grocery business is highly competitive and the company faces intense competition from big players, such as Supervalu (NYSE:SVU).
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