Kroger 3Q profit in line; maintains outlook
CINCINNATI — 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.
Revenue rose 3 percent to $22.51 billion from $21.81 billion. Analysts expected $22.72 billion.
Kroger operates eleven stores in the Savannah area.
Chamber’s oyster roast set for Dec. 11
The Savannah Area Chamber of Commerce in partnership with its emerging professionals council, LaunchSAVANNAH, will host its annual Holiday Oyster Roast Business Connection on Wednesday, Dec. 11, from 5:30-7:30 p.m. at the Westin Savannah Harbor Golf Resort & Spa.
The event will be held on the Westin’s River Lawn and will feature food, entertainment by The Howard Paul Trio, beverages and networking with Savannah area business professionals.
LaunchSAVANNAH will host a toy drive to benefit Toys for Tots during the event and will knock $5 off admission for anyone who brings an unwrapped child’s toy.
Tickets are $10 for members, $25 for non-members. For more information, contact Stephanie Boaen at 912-644-6458 or SBoaen@SavannahChamber.com.
Networking group for military, veterans formed
A Saturday morning networking group is being established for military veterans and service members.
The First Saturday Veteran Breakfast will meet on the first Saturday of each month for what’s described as a “meet, eat, and network event. No other rules apply.”
The first meeting will be at 9 a.m. Saturday at the Perkins Restaurant at Hwy. 204 and Interstate 95.
Anyone who’s on active duty or who’s a veteran, spouse, family member or friend of the military is invited to attend.
For more information, contact Brandy Mai at 912-966-7913 or brandy.mai@pe.gatech.edu.