Kroger Co.’s 1988 profit fell 81% to...
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Kroger Co.’s 1988 profit fell 81% to $34.5 million. The Cincinnati-based grocery store chain said the 1987 figure included a $63.3-million one-time gain for an accounting change. Sales totaled $17.46 billion, up 7%. The company also noted that it undertook a $4.6-billion restructuring last September to fend off takeover bids by Dart Group Corp. of Landover, Md., and Kohlberg Kravis Roberts & Co. of New York.
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