The Kroger Co announced preliminary results for the fourth quarter ended Jan 29, 2005. These figures exclude a lease accounting correction for prior-year results. Total sales for the fourth quarter of 2004 increased 5.1% to $13.7 billion.
David B Dillon, Kroger chairman and chief executive officer, said the execution of Kroger's strategy produced strong cash flow, enabling the Cincinnati OH-based supermarket giant to continue its "financial triple play" of reducing total debt by nearly $400 million, repurchasing $318.7 million in stock, and investing $1.6 billion in capital projects.
Kroger reported a net loss of $675.9 million for the fourth quarter. In the year-ago period, Kroger reported a net loss of $337.4 million.
During the fourth quarter of 2004, Kroger repurchased about 4.2 million shares of stock at an average price of $16.52 for a total investment of $69.2 million. There is approximately $353 million remaining under the new $500 million stock buyback announced in September. Since January 2000, Kroger has invested $2.7 billion to repurchase 140.8 million shares.
For the full 2004 fiscal year, sales increased 4.9% to $56.4 billion, and Kroger reported a net loss of $128.0 million. For the full 2003 fiscal year, net earnings were $314.6 million.
