Kroger to Cut Jobs as Earnings Fall 33%
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Kroger Co. disclosed plans to cut 1,500 jobs in 2002 as the nation’s largest supermarket operator reported its third-quarter earnings fell 33% due to the sluggish economy and one-time expenses. It forecast lower earnings than expected for the fourth quarter.
The job reduction affects mostly management and clerical jobs and will be done over the coming year, the company said. The cutback amounts to less than 0.5% of its total work force of 312,000.
Cincinnati, Ohio-based Kroger operates Ralph’s and Food4Less stores in California. It did not specify how the layoffs will affect those divisions.
Kroger shares tumbled $3.38 a share to $19.92 on the New York Stock Exchange.
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