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VOL. 43 | NO. 10 | Friday, March 8, 2019

Kroger shares plummet on weak Q4 sales, profits

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CINCINNATI (AP) — Shares of Kroger are falling sharply after the grocer's costly modernization plan dragged down profits during the fourth quarter.

The Cincinnati chain posted net income of $259 million, or 48 cents per share. That's down from last year's $854 million and per-share earnings were four cents short of Wall Street expectations, according to a survey by FactSet.

Kroger shares fell more than 12 percent Thursday in the worst day of trading this year.

In 2018, Kroger initiated a three-year plan to increase digital sales, redesign stores and invest in popular store brands.

Kroger invested $3 billion last year and expects to at least match that this year.

But sales dropped 9.5 percent in the final three months of the year to $28.1 billion, which was also short of analyst projections.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 0 0
MORTGAGES 0 0 0
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 0 0 0
BANKRUPTCIES 0 0 0
BUSINESS LICENSES 0 0 0
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0