Minneapolis-based grocery retailer Supervalu has lowered its fourth-quarter and fiscal 2004 outlook due to continued operating-margin pressure in its distribution segment.
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Supervalu, which operates over 1,000 grocery stores, said it now expects earnings of between 46 and 49 cents per share for the fourth quarter to 22 February, down form its previous guidance of between 55 and 60 cents per share.
Analysts polled by Thomson First Call had been expecting fourth-quarter earnings of 55 cents per share, reported Dow Jones News Service.
In the fourth quarter of the previous year, Supervalu earned 24 cents per share, including restructuring and store-closing charges of 27 cents a share and good will amortisation of 8 cents a share.
Supervalu has forecasted fiscal 2004 earnings of between $2.00 and $2.15 a share, assuming same-store sales remain flat.
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By GlobalDataThe retailer said its projections reflected a slowly recovering economy and cautious consumer behaviour.
