SUPERVALU (SVU) Sees Q1 EPS "Substantially Below" Consensus
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Revenue Growth %: -52.7%
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Operating earnings: 157M
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SUPERVALU INC. (NYSE: SVU) announced that identical store sales and net earnings for its first quarter ending June 20, 2009 were impacted by a tougher than expected business environment, investments in price and higher levels of promotional spending. As a result, the company will be substantially below First Call consensus earnings for the quarter. The Wall Street consensus is $0.65.
CEO Craig Herkert stated, "Since providing guidance on our fourth quarter earnings call, consumers have become more value focused and cautious in their spending which has pressured sales and margins greater than anticipated. We currently estimate our identical store sales will be approximately negative 3 percent."
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