-
Discounters show strength in February
NEW YORK — In a month that was solid overall, the discount sector showed its muscle, turning in a strong February same-store sales performance nearly across the board.
After suggesting last week that sales had accelerated and returned to a pre-holiday pace, Target reported Thursday that same-store sales for the month rose 7%, beating Wall Street’s expected 5.2%. Total sales during the period rose 8% to $5.13 billion, boosted by strength in the food, healthcare and beauty categories. Accessories and apparel performed above average as well.
-
Kroger swings to loss on union costs
CINCINNATI — Kroger posted a loss in the quarter ended Jan. 28, attributing the loss to costs associated with consolidating its pension plan for union workers.
The grocer, which counts among its banners Kroger, Ralphs and Food 4 Less, lost $306.9 million in the quarter, compared with a profit of $278.8 million in the year-ago period.
Total sales in the quarter rose 7.7% to $21.4 billion. Excluding fuel, sales rose 5%. Same-store sales increased 4.9%.