Kroger shares fall on 4Q profit slump

March 11th, 2008 | Category: Earnings Reports

Shares of Cincinnati-based Kroger Co. (NYSE: KR), the nation’s largest traditional grocery chain, fell 74 cents to $24.90 in daylight trading as the company reported that its fourth-quarter profit slumped 16%. Though overall sales rose 2%, results were dragged down by a large stock charge.

Kroger posted earnings of $322.9 million, or 48 cents per share, for the quarter that ended February 2, compared with a profit of $384.8 million, or 54 cents per share, a year earlier. Revenue in the quarter rose to

$17.23 billion from $16.86 billion a year ago. Analysts surveyed by Thomson Financial had expected earnings of 47 cents per share on revenue of $16.81 billion.

Kroger blamed the higher-than-expected stock charge of five cents per share on inflation, and plus said that the preceding year’s quarterly earnings were boosted by a tax benefit.

Continue reading Kroger shares fall on 4Q profit slump

Original post by Trey Thoelcke

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