UPDATE: Kroger Shares Rise After Upbeat Q3 Results

Shares of The Kroger Company KR gained more than 3% in pre-market trading after the company reported upbeat fiscal third-quarter results and lifted its forecast for the full year. The Cincinnati, Ohio-based company posted quarterly net income of $362 million, or $0.73 per share, compared to $299 million, or $0.57 per share, in the year-ago quarter. The company's adjusted earnings came in at $0.69 per share. Its sales gained 11.2% to $24.99 billion, while total sales, excluding fuel, surged 13.7%. However, analysts were expecting earnings of $0.61 per share on revenue of $24.8 billion. Identical supermarket sales, without fuel, rose 5.6% in the third quarter. FIFO gross margin was 21.24% of sales in the quarter. "Our associates continue to execute our Customer 1st strategy, which is building loyalty beyond the weekly ad and showing yet again that focusing on our customers creates value for our shareholders," said Rodney McMullen, Kroger's chief executive officer. "Our financial results were driven by strong sales and core business performance, and helped by higher fuel margins in the third quarter." Kroger now expects full-year earnings of $3.32 to $3.36 per share, versus its earlier forecast of $3.22 to $3.28 per share. Kroger shares rose 3.24% to $60.56 in pre-market trading.