The US retail group Supervalu has issued diluted earnings per share guidance, on a GAAP basis, for the 2008 fiscal year. The company said it expected EPS of US$2.58 to $2.77.

The forecast figure includes $0.16 to $0.20 per diluted share of one-time transaction costs and approximately $0.12 per diluted share of expense from the adoption of FAS 123R related to stock option expensing.
The company also affirmed its fiscal 2007 diluted earnings per share guidance, on a GAAP basis, of $2.34 to $2.41.

"We are on track with our transformational acquisition and have made progress on our key milestones in fiscal 2007 and expect to continue this success into fiscal 2008," said chairman and CEO Jeff Noddle. "From a financial standpoint, we expect to deliver double-digit earnings accretion in both fiscal 2007 and fiscal 2008 as we capture the potential of the new Supervalu."

Noddle added that identical store sales had continued to improve, with same-store sales on a combined basis expected to be up 1% in the fourth quarter of fiscal 2007 which ends on 24 February.