Disappointing Results From Kroger Sends Rivals Lower (SVU, SWY).
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Shares of SUPERVALU Inc. (NYSE: SVU) are down 7.9% today following disappointing results and guidance from Kroger (NYSE: KR), which is feeling the stress from dropping food prices and increased competition.
This morning, reported third-quarter earnings of 27 cent per share, excluding special items, missing the market estimate of 37 cents per share. Kroger also reduced its forecast for full year 2009 earnings to between $1.60 per share to $1.70 per share, down from the company's previous outlook of $1.90 to $2.00 per share. Shares of KR are down 11.2%.
Safeway Inc. (NYSE: SWY), another Kroger rival, is down 6% today.
This morning, reported third-quarter earnings of 27 cent per share, excluding special items, missing the market estimate of 37 cents per share. Kroger also reduced its forecast for full year 2009 earnings to between $1.60 per share to $1.70 per share, down from the company's previous outlook of $1.90 to $2.00 per share. Shares of KR are down 11.2%.
Safeway Inc. (NYSE: SWY), another Kroger rival, is down 6% today.
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