Kroger Profit Drops 28% in Second Quarter
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Supermarket giant Kroger Co. said its second-quarter earnings dropped 28% from a year earlier, hurt by competition from discount grocers and last month’s blackout. It also lowered its earnings outlook for the full year.
Kroger, which operates Ralphs and other supermarkets, earned $190.4 million, or 25 cents a share, in the three months ended Aug. 16, compared with $264 million, or 33 cents a share, a year earlier.
Kroger’s shares fell 85 cents to $17.80 on the New York Stock Exchange.
From Associated Press
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