Kroger Earnings Hurt By Strike

Kroger: California strike cut into first-quarter earnings

One of the nation's largest retail grocers says a California strike earlier this year was costly. Kroger Company said today it lost more than 71 million dollars because of the four and one-half month strike against its Ralphs store chain and two other supermarket operators. Cincinnati-based Kroger said its first-quarter earnings totaled nearly 263 million dollars, or 35 cents per share, for the quarter ended May 22nd. That was down from 351 million, 500-thopusand dollars and 46 cents per share a year ago.

Analysts surveyed by Thomson First Call projected earnings per share of 34 cents. The southern California strike ended in late February against Kroger's Ralphs store chain, Albertsons and Safeway.