Printer Friendly

KROGER PRELIMINARY FOURTH QUARTER 1991 SALES UP 2.9 PERCENT

 KROGER PRELIMINARY FOURTH QUARTER 1991 SALES UP 2.9 PERCENT
 CINCINNATI, Jan. 21 /PRNewswire/ -- The Kroger Co. (NYSE: KR) said today that preliminary results for the 1991 fourth quarter indicate that sales increased 2.9 percent over the year earlier quarter, while operating cash flow (earnings before interest, taxes, depreciation, extraordinary items and LIFO) declined approximately 5 to 7 percent.
 Identical food store sales rose 1.3 percent over the 1990 fourth quarter. Retail inflation was slightly negative in the quarter, with higher prices in health and beauty care items, pharmaceuticals and tobacco offset by lower prices for perishables and grocery products. Kroger's LIFO provision will be approximately $300,000 for the quarter and $26 million for the full year.
 Kroger Chairman and Chief Executive Officer Joseph A. Pichler said the company is aggressively defending its business in key markets despite intensified competition in Wichita, Dallas, Dayton, and portions of Indiana and Illinois.
 "The fourth quarter --- indeed, all of 1991 --- was unusually challenging due to regional recession, low grocery price inflation, and new competitive thrusts in Kroger markets," Pichler said. "In keeping with our long-standing operating philosophy, Kroger's retail divisions preserved market share and their customer base. These actions represent a significant investment in the short-term that should produce strong long-term operating results," he added.
 Kroger said net interest expense in 1991 declined 4.8 percent to $531.1 million, due to lower borrowing costs and reduced long-term debt. The company said it expects interest costs to decline to $485-495 million in 1992.
 The company also said it will report an after-tax extraordinary loss of $11.7 million in the fourth quarter due to its early retirement of debentures.
 Full results for the 1991 fourth quarter and full year will be released in early February.
 -0- 1/21/92
 /CONTACT: Paul Bernish (media), 513-762-1304; or Pam Taylor (investor), 513-762-4969, both of The Kroger Co./
 (KR) CO: The Kroger Company ST: Ohio IN: REA SU:


KK -- CL005 -- 1664 01/21/92 09:15 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 21, 1992
Words:333
Previous Article:TOPSEARCH SHAREHOLDERS APPROVE MERGER WITH THE NATIONAL REGISTRY
Next Article:THOMSON ADVISORY GROUP REPORTS FOURTH QUARTER AND YEAR-END RESULTS
Topics:


Related Articles
PENN TRAFFIC ANNOUNCES PRELIMINARY FOURTH QUARTER RESULTS
KROGER ANNOUNCES SECOND QUARTER, FIRST HALF RESULTS
KROGER ESTIMATES FOURTH QUARTER CASH FLOW AT LEAST 10 PERCENT AHEAD
QFC REPORTS RECORD FOURTH-QUARTER AND YEAR-END RESULTS
HANNAFORD REPORTS INCREASED SALES AND EARNINGS FOR THE FOURTH QUARTER AND FISCAL YEAR
SAFEWAY INC. ANNOUNCES 1992 EARNINGS AND RESTRUCTURING
KROGER 1QTR OP EARNINGS PER SHARE: 46 CENTS VS. 29 CENTS
Ralphs Announces Strong Fourth Quarter EBITDA and Positive Comparable Store Sales
Kroger Announces Preliminary Sales Results for Fourth Quarter and 1999 Full Year.
RALPHS PROFITS INFLATED KROGER: MANAGERS MANIPULATED INCOME.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters