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Kroger Co. on Thursday said identical-store sales excluding fuel declined in the fiscal fourth quarter, ending a remarkable streak of consecutive quarters of positive ID sales dating back 13 years.
The Cincinnati-based retailer last reported a comparable-store sales decline in the third quarter of 2003. The 0.7% ID sales decline in the fourth quarter comes amid persistent food price deflation and stepped-up price competition from Wal-Mart Stores, which as previously reported in SN, recently expanded price rollbacks further into geographies where Kroger has significant market share. Results were slightly worse than expected: the company in December had forecast "slightly positive" non-fuel ID sales for the quarter, which ended Jan. 28, although some analysts had anticipated they might slide, citing recent increases in produce deflation, competition and consumer sentiment in January.