US natural and organic foods retailer Wild Oats Markets has lowered its third quarter and full year 2004 earnings guidance.
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Comparable store sales in the third quarter of 2004 are expected to be within the range of flat to slightly negative, the company said. However, earnings are expected to be hit by higher-than-anticipated investments made in pricing and promotions to build sales in regions affected by on-going competitive activity – primarily in Southern California and Texas. Additionally, non-cash restructuring charges together with the closure of one store and other non-recurring charges are expected to add between 8 and 10 cents to the loss per share in the quarter.
As a result, the company now expects the loss for the third quarter of 2004 to be between 20 and 22 cents per share.
As a result of continued promotional activity into the fourth quarter, the company expects the net loss for the full year to be between 13 and 17 cents per share.
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By GlobalData
