Overview
- Net profit rose 9% year-over-year to $323.0 million in the 16-week quarter ended July 5.
- Quarterly sales increased 3.3% to $6.87 billion, slightly below the $6.92 billion analysts had anticipated.
- Adjusted earnings per share climbed to $1.52 from $1.35 a year earlier, falling one cent short of Street expectations.
- Food same-store sales grew 1.9% while pharmacy comps jumped 5.5%, driven by a 6.2% gain in prescriptions and a 4.0% increase in front-store items.
- Management highlighted disciplined cost control as a key factor in bolstering margins and underpinning profit gains.