US supermarket operator and wholesale food distributor Nash Finch has posted lower second-quarter earnings, hit by weak retail sales and fierce competition in the supermarket sector.
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Nash Finch posted profit of US$7.3m for the second quarter to 14 June, compared to $9.5m a year earlier, reported Reuters.
The company’s sales fell to $888.6m, compared to $908.3m in the year-ago period.
Nash Finch said it still expects 2003 earnings to be between $2.29 and $2.35 per diluted share, or between $2.49 and $2.55 excluding payments for bond indenture and bank credit facility waivers.
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