Apr 1, 2003 12:00 PM

The Kroger Co reported earnings of $0.49 per diluted share, before one-time items, for the fourth quarter ended Feb 1, 2003. These results are equal to the year-ago quarter on the same basis. One-time items during the quarter included expenses of $7.6 million pre-tax associated with systems conversions and other merger-related items, and income of $15.2 million pre-tax from the mark-to-market of the excess energy contracts in California.

Collectively, these one-time items increased Kroger's fourth-quarter net earnings by $7.6 million pre-tax or $4.5 million after tax ($0.01 per diluted share). Including these items, net earnings for the fourth quarter of fiscal 2002 were $381.0 million, versus $368.5 million a year ago.

Total sales for the fourth quarter of fiscal 2002 increased 2.8% to $12.5 billion.