Kroger Q1 profits rise - Food Retailing - Brief Article - Statistical Data Included

Eurofood,  July 4, 2002  

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US food retailer Kroger has posted a 19% increase in its first quarter profits, contrasting the performance of some of its closest rivals. Recently, US firm Safeway dropped its forecasts by 9% due to competition and internal problems, but Kroger saw sales in the quarter rise by 3.1% to a value of US$15.7bn (15.8bn [euro]).

Operating some 2 400 stores across the US under formats which include Ralphs and Fred Mayer, Kroger reported net income of US$361.9m, compared to US$303.4m in the same period a year ago. Kroger also capitalised on the struggling efforts of rivals Albertson's and bankrupt retailer K-Mart, with the former withdrawing from several key Kroger markets, and the latter closing almost 300 stores since it entered chapter eleven bankruptcy protection.

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