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Kroger says 3Q earnings fall 6 percent

Last updated: 2008-12-09

Kroger says 3Q earnings fall 6 percent
2008-12-09

Category
Earnings
Source
(AP)
Types
Grocery

CINCINNATI - The Kroger Co. says its profit fell 6 percent in its third quarter, mainly because of damages and disruption from Hurricane Ike.
The nation's largest traditional grocery store chain reported Tuesday that net income was $237.7 million, or 36 cents per share. Last year, Kroger reported net income of $253.8 million, or 37 cents per share.
Revenue for the quarter rose 9 percent to $17.6 billion.
Analysts polled by Thomson Reuters had predicted earnings of 38 cents per share, on revenue of $17.4 billion.
Kroger said results included an after-tax charge of $15.9 million, or 3 cents per share, related to its $25 million insurance deductible for Ike. The storm damaged stores, forced some to shut down temporarily and caused outage-spoiled food in September.
Otherwise, Kroger said earnings would have been $253.6 million, or 39 cents per share.

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