Kroger profit soars 15%

Cincinnati, Ohio: Kroger has reported a 15% increase in full-year net profit to $1.18bn (£580m) on sales up 6.2% at $70.2bn (£35bn). Like-for-like sales rose 5.3% excluding fuel. However, fourth-quarter net profit fell 16% to $322.9m (£161m) on sales up 2.2% to $17.2bn (£8.6bn) as the supermarket chain battled rising costs and a slowdown in consumer confidence by investing in lower prices.