Kroger swings to profit in Q3
Cincinnati -- Kroger Co. rang up better sales and returned to third-quarter profitability but the company warned that shoppers remain cautious.
The Cincinnati-based grocer reported Thursday that net income was $202.2 million, compared with a loss of $875 million a year earlier.
Revenue was up 5.9% to $18.7 billion.
Kroger's shares slid, however, as the company reported that low grocery prices and intense competition continued to bite into margins and that its customers' spending is still volatile. Kroger also narrowed its guidance range for the year, dropping the high end but also raising the low.
Kroger operates 2,461 grocery stores in 31 states under some two dozen local banner including Ralphs; Fred Meyer; Food 4 Less; King Soopers; Dillons; Smith's; and Fry's.