CINCINNATI (Dow Jones/AP) — Kroger Co. expects to restate its earnings for fiscal years 2001 through 2003 lower to correct its lease accounting.
The restatements are expected to lower individual year per-share earnings by less than 1 cent.
The reduction comes amid an industrywide lease accounting review that has affected fellow grocery chains Albertson's Inc. and Whole Foods Market Inc., among other retailers.
The adjustments won't affect historical or future cash flows or the timing of lease payments.
The Cincinnati-based supermarket chain said plans to file restated earnings before April 14. The company plans to file its annual report for fiscal 2005 on or before that date.
Kroger's shares closed down 13 cents at $17.72 Monday on the New York Stock Exchange.