KROGER'S PROFITS PLUNGE AFTER 'OVER-PROMOTION'

CINCINNATI -- Kroger here said last week it would continue to promote heavily if market conditions warrant doing so after the company reported a sharp drop in profitability in the second quarter due to aggressive competition in some markets.Part of Kroger's strategy is "to be more competitive on price," said David Dillon, chairman and chief executive officer. This will reduce gross margin trends "somewhat

CINCINNATI -- Kroger here said last week it would continue to promote heavily if market conditions warrant doing so after the company reported a sharp drop in profitability in the second quarter due to aggressive competition in some markets.

Part of Kroger's strategy is "to be more competitive on price," said David Dillon, chairman and chief executive officer. This will reduce gross margin trends "somewhat downward."

"Looking ahead to the second half, we expect the decline in

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