- Supervalu Inc. lowered its third quarter guidance, forecasting that it now expects to earn 42 cents to 44 cents a share in the third quarter, compared to a previous estimate of 47 cents to 52 cents a share. Same-store sales are slated to decline 2.3% in the third quarter.
"The good progress we are making in retail and distribution was not sufficient to offset both economic and deflationary forces," said Chairman and CEO Jeff Noddle. "As retailers vie for consumer dollars with promotional activities during the important holiday shopping period, the competitive environment intensified during the quarter."
