Thursday, May 10, 2001
Tristate Business Summary
Kroger workers accept contract
Hourly employees of 29 Kroger Co. supermarkets in the Dayton region approved a five-year contract that increases pay and improves health care coverage, union officials announced.
Cincinnati-based Kroger estimates that it could add as many as 1,500 full-time jobs in new and expanded stores during the life of the contract, which is retroactive to last Sunday, Kroger spokesman Gary Rhodes said Wednesday.
The contract between Kroger and the United Food and Commercial Workers Union Local 1099 replaces one that would not have expired until June 16, Mr. Rhodes said. It covers 3,000 full- and part-time grocery and meat workers at stores in the Dayton, Sidney and Springfield areas, union spokesman John Marrone said.
Mall owner's earnings slow
Indianapolis-based Simon Property Group Inc., the world's largest shopping-mall owner, said first-quarter earnings rose 4 percent as slower retail sales cut into revenue at its properties.
The company, a real estate investment trust, said funds from operations increased to $138 million, or 74 cents a share, from $132.7 million, or 71 cents, a year earlier. Simon's revenue rose 2.7 percent to $490.7 million, company officials said.
Shopping-mall owners are feeling the effects of a slowdown in retail spending, which is causing retailers such as J.C. Penney & Co., Sears, Roebuck & Co. and others to close stores.
Results for the quarter fell below Wall Street's estimates of 75 cents, according to a survey of analysts by First Call/Thomson Financial.
Simon Property owns, has a stake in or manages 250 malls and community shopping centers.
— From staff and wire reports
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