Kroger 3Q Profit Up 16%
Cincinnati, Kroger Inc. on Tuesday said third-quarter net income rose 16%, as established stores turned in a solid performance. Net income for the quarter ended Nov. 4 climbed to $214.7 million compared with net income of $185.4 million. Kroger said revenue gained 5% to $14.70 billion, from $14.02 billion last year. Analysts predicted revenue of $14.86 billion. Comp-store sales increased 4.9% including gasoline sales and 5.3% excluding fuel sales.
For fiscal 2007, the company sees earnings per share growth between 6% and 8%.
Report: Walgreens to Enter Hawaii
New York City, Walgreens is rumored to be set to enter Hawaii, according to local reports. The chain is the winning bidder to fill a soon-to-be-vacant location of bankrupt music retailer Tower Records in Hawaii, according to The Honolulu Star-Bulletin. Tower Records said its last day would be in mid-December.
MTS, the former parent company of Tower Records, filed for bankruptcy on Aug. 20 and in October sold the struggling chain to Great American Group, which is now liquidating the chain and plans to shutter all its stores this month.
Walgreens’ bid for the Tower store is still pending approval in bankruptcy court, according to the newspaper. A spokeswoman also said the company was looking at additional sites in Hawaii.
Walgreens’ entry into the market could challenge Longs Drugs’ long-time dominance of the islands. The pharmacy chain has been in the market