Net loss revision gains Kroger $27 million
Apr 20, 2005 10:49 AM, from staff and wire reports
The Kroger Co lowered the goodwill impairment charge that had been reported in the Cincinnati OH-based supermarket chain's preliminary results for the fiscal 2004 fourth quarter. This means the recovery of about $27 million and the reduction of its 2004 net loss to $100.4 million.
Kroger attributed the revision to an audit adjustment for deferred income taxes related to its Ralph's grocery business. The company said that the goodwill impairment charge is $857.0 million after tax, rather than the $884.0 million reported in preliminary financial results issued March 8, 2005.
As a result, Kroger's net loss for the fourth quarter is $648.3 million after tax instead of the previously reported $676 million. For the full 2004 fiscal year, Kroger reported a net loss of $100.4 million versus the $128 million reported earlier.
