Kroger Q2 profit declines 8%, cuts guidance

Cincinnati The Kroger Co. said Tuesday that second-quarter profit fell nearly 8%, citing household spending cuts and falling food prices.

Net income fell to $254.4 million in the second quarter ended Aug. 15, from $276.5 million a year earlier.

Sales also fell in the quarter, and the company cut its earning guidance for the full year.

Total sales, including fuel, were $17.7 billion, down from $18.1 billion a year ago.

Analysts expected $18.2 billion in total sales.

The company operates stores under its own name as well as Ralphs and Food 4 Less.