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Kroger profit up 7.3%
Cincinnati -- The Kroger Co. reported Friday that net income in the second quarter rose 7.3% to $280.8 million. The company said earnings got a boost from tax adjustments and sales at its gas stations.
Sales increased 11.5% to $20.9 billion. Same-store sales were up 5.3%.
“Our ongoing investments in the four keys -- our people, products, prices and the shopping experience -- continued to enhance our connection with customers and drive positive identical sales growth,” said David B. Dillon, Kroger’s chairman and CEO.
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Study: Consumers spending more, less often
NEW YORK — Consumers are spending more, but doing so in fewer transactions, according to American Express Business Insights’ most recent Business Insights Spend Sights report.
The study, which examines spending patterns across several key categories, U.S. cities and demographic groups, finds that while economic uncertainty continues to dampen overall consumer confidence, a new pattern of less frequent but measurable splurging has become evident among a range of customer groups in several categories.