Chicago (June 5, 2003) -- Giant supermarket chain Kroger Inc. said Wednesday that the Securities and Exchange Commission wants information on how the company accounts for payments from vendors.
The Cincinnati-based company said that it complied with the SEC's request and forwarded information related to its 2001 annual report and 2002 second- and third-quarter profits. The SEC did not require any changes in the filings, the company said.
The company added that it believes the review was part of regular SEC activities mandated by the Sarbanes-Oxley Act. Vendor payments have become a hot topic ever since Dutch retailer Ahold announced a few months back that profits at one of its units were overstated by $880 million over three years.
-- WebCPA staff
