CINCINNATI (AP) — Kroger's net income fell nearly 6 percent during the third quarter, partly on the costs from the pending acquisition of Harris Teeter.
Kroger and other supermarkets are trying to adapt to a shifting industry as shoppers increasingly buy groceries at big-box retailers, drugstores and dollar stores with growing food sections.
The company is bolstering its appeal across a broader spectrum, through its acquisition of upscale food retailer Harris Teeter, and an expanded loyalty program for customers sticking to a tighter budget.
The nation's largest traditional supermarket said Thursday that its net income fell to $299 million, or 57 cents per share. That compares with net income of $317 million, or 60 cents per share a year ago. Excluding costs related to the acquisition and a tax benefit, net income totaled 53 cents per share, matching expectations. A year ago, the company benefited from a settlement with credit card companies. Excluding that and other items, year-ago revenue totaled 46 cents per share.