Kroger reports $874.9m net loss during third quarter

Grocer Kroger has reported a $874.9m net loss during its third quarter.

The loss was primarily the result of a $1.05bn (£644.7m) write-down related to the Ralph’s chain, and compares with net profit of $237.7m (£145.9m) reported in the third quarter last year. Excluding these charges, Kroger reported net earnings of $176.7m (£108.5m).

Total sales were negatively affected by slowed food price inflation, rising 2.2% (excluding fuel) to $17.67bn (£10.85bn). Identical-store sales were up 1.7%. The retailer now expects full-year same-store sales growth, excluding fuel) of 2% to 2.5%.