Kroger profit misses, shoppers more cautious

Kroger Co (KR.N), the biggest U.S. supermarket chain, reported quarterly profit that fell short of Wall Street's estimate and said shoppers are getting more cautious about spending.

Shares of the company, which owns stores that include Ralphs and Food 4 Less, fell 6.4 percent.

Kroger is known for its ability to hold down overall prices amid rising food costs. It has been outpacing Safeway Inc (SWY.N) and Supervalu Inc (SVU.N), its main competitors, for many months.

"The sluggish economy continues to strain household budgets while increasing consumer anxiety. In fact, customers tell us their expectation for the economy are more pessimistic now than at any time this year," Chief Executive David Dillon said on a conference call.

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- Posted: 2011-09-09 11:50:49

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