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Kroger remains model of consistency
Kroger trounced first quarter sales and profit forecasts, posting a 3.3% gain in identical store sales that drove a 92 cent a share profit.
Total sales increased 3.4% to $30 billion and the 3.3% gain in identical store sales was well ahead of analysts’ forecast of 2.8% growth. It was the company’s 38th consecutive quarter of positive identical store sales growth. Net income increased 9.6% to $481 million which translated to per share profit of 92 cents that was four cents better than the 88 cents analysts’ forecast.
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NRF responds to FTC investigation of patent trolls
WASHINGTON — The National Retail Federation welcomed today’s announcement that the Federal Trade Commission plans to investigate patent trolls.
“Patent trolls are a drain on the economy,” NRF SVP and general counsel Mallory Duncan said. “It’s time for Washington to put an end to this abuse of our nation’s laws. Seeing this issue receive top-level attention from the FTC is a significant development.”