Kroger Reduces Profit Forecast; Net Rises
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Kroger Co., the largest U.S. supermarket company and owner of the Ralphs chain, reduced its sales and profit forecast for next year as competition increases from discount retailers such as Wal-Mart Stores Inc. and consumer spending slows.
Profit next year before certain costs is expected to be equal to this year’s. Sales growth in stores open at least a year will be less than 2%.
Fiscal third-quarter net income rose by almost two-thirds to $254.6 million, or 33 cents a share, compared with $156.1 million, or 19 cents, a year earlier when the company cut jobs and closed divisions. Third-quarter sales rose 2.6% to $11.7 billion.
Kroger shares rose 20 cents to $15.30 on the NYSE.
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