Kroger 4th-quarter profit drops; results top estimates
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Associated Press
Published: March 11, 2008
CINCINNATI (AP) - The grocery chain Kroger Company says its fourth-quarter profits slipped 16 percent, partly because of one fewer week in the period than the previous year.
The Cincinnati-based company still came in ahead of analysts’ projections.
Kroger today reported that net income dropped to 322.9 million dollars, or 48 cents per share. The company says a higher-than-expected inventory charge of 5 cents per share also weighed on results.
Kroger reports revenues for period that ended February 2nd rose 2 percent, to 17.2 billion dollars.
Wall Street analysts forecast fourth-quarter earnings of 47 cents per share on sales of 16.8 billion dollars.
Kroger operates nearly 2,500 supermarkets and multi-department stores in Ohio, Virginia and 29 other states under two dozen local banners.
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