Kroger (KR)

Kroger (<a href=http://www.zacks.com/stock/quote/kr>KR</a>) reported better-than-expected first quarter earnings per share, beating our estimate by $0.04 per share. We are increasing our EPS estimates for this year and next to reflect the first quarter upside. <p> For fiscal year 2009, Kroger expects identical-store sales of 3% to 4% and earnings per share of $2.00 to $2.05. That said, we still believe that the company may be able to beat its fiscal year 2009 EPS guidance, due to a higher mix of private-label brand sales and continued market share gains. <p> We reiterate our Buy rating on Kroger shares. Our six-month target price is $28, up from $27.

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