Corporate earnings  Acquisition drags down Kroger income by 6%
Associated Press  •  Enlarge Image Kroger said quarterly sales
rose 3.5 percent at stores open at least a year.    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
yesterday 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.
Kroger shares closed down $1.46 at $40.06 yesterday, with stocks
on major U.S. markets moving mostly lower. Kroger’s stock is up
more than 60 percent