Supervalu Inc., the No. 2 U.S. grocery supplies distributor, said that its quarterly earnings will be below Wall Street forecasts. Third quarter same-store sales reportedly are down 2.3 percent
"As retailers vie for consumer dollars with promotional activities during the important holiday shopping period, the competitive environment intensified during the quarter," Jeff Noddle, Supervalu chairman and CEO, said in a statement. "The good progress we are making in retail and distribution was not sufficient to offset both economic and deflationary forces.”
Supervalu operates more than 1,300 retail stores, and is facing the same issues as companies like Safeway and Albertsons, both of which also have said their quarterly earnings will be below expectations.
"As retailers vie for consumer dollars with promotional activities during the important holiday shopping period, the competitive environment intensified during the quarter," Jeff Noddle, Supervalu chairman and CEO, said in a statement. "The good progress we are making in retail and distribution was not sufficient to offset both economic and deflationary forces.”
Supervalu operates more than 1,300 retail stores, and is facing the same issues as companies like Safeway and Albertsons, both of which also have said their quarterly earnings will be below expectations.
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