Kroger's fiscal 2Q net earnings decline
Sep 14, 2004 1:33 PM, from staff and wire reports
The Kroger Co reported net earnings of $142.4 million for the fiscal second quarter ended Aug 14, 2004. Net earnings for the Cincinnati OH-based grocery chain in the year-ago period were $190.4 million.
Total sales for the second quarter of 2004 climbed 5.1% to $13.0 billion. Identical food-store sales, including fuel, increased 2.1% and, excluding fuel, rose 0.6%. Excluding the Ralphs and Food 4 Less stores affected by an earlier labor dispute, identical food-store sales, including fuel, advanced 2.8% and, excluding fuel, were up 1.1%. Kroger estimates that product cost inflation, including fuel, was 3.6% and, excluding fuel, was 2.4%.
David B. Dillon, Kroger chairman and chief executive officer, said Kroger expects improved identical food-store sales for the remainder of the year. But he noted that, based on year-to-date performance, it will be challenging to achieve the company’s previously announced identical food-store sales target of 1.3% for the full fiscal year.
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