SUPERVALU (SVU) Sees Q1 EPS "Substantially Below" Consensus
- Top 10 News for 05/13 - 05/17: Tesla Can't be Stopped; Tepper Still Bullish; Sony Gets in Play
- Tableau Software (DATA) IPO Surges Higher
- Bloomberg Taps Former IBM (IBM) Exec to Lead Privacy, Data Standards Initiative
- Unusual 11 Mid-Day Movers 05/17: (RSOL) (SCTY) (VNDA) Higher; (ARUN) (UNXL) (COSI) Lower
- Despite Outside Interest, Tumblr and Yahoo! (YHOO) Are in Lockup (MSFT) (FB)
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."
Real-Time Market Moving News Two-Weeks FREE http://www.streetinsider.com/premium_content.php
You May Also Be Interested In
- UPDATE: Applied Materials, Inc. (AMAT) Tops Q2 EPS by 3c, Offers Guidance
- Wal-mart (WMT) Posts Q1 EPS of $1.14; U.S. Comps Down 1.4%; Guides Q2 EPS
- UPDATE: Aruba Networks, Inc. (ARUN) Misses Q3 EPS by 4c, Guidance Light
Create E-mail Alert Related CategoriesGuidance, Hot List
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!