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Empresas y finanzas

Supervalu posts lower profit, cuts full-year view


    CHICAGO (Reuters) - Supervalu Inc , the third-largest U.S. supermarket operator, posted a drop in quarterly profit on Tuesday as consumers hurt by the weak U.S. economy traded down to lower-cost store brands.

    The operator of the Albertsons, Jewel-Osco, Shaw's and Save-A-Lot chains, which has been grappling with higher food and fuel costs, also cut its earnings forecast for the year, as it expects consumers to continue to be pressured by inflation and the economy.

    Net income fell to $128 million, or 60 cents a share, in the second quarter ended on September 6 from $148 million, or 69 cents a share, a year earlier.

    Analysts on average forecast earnings of 69 cents a share, according to Reuters Estimates.

    Acquisition-related costs dropped to 1 cent a share from 5 cents.

    Net sales rose to $10.23 billion from $10.16 billion. Retail food net sales were flat at $8 billion.

    Supervalu has rolled out new products ranging from its Wild Harvest organic brand to a newer line of premium prepared meals. It is also testing a small-store format with ready-to-go entrees as well as basics like milk and produce.

    Closely watched identical-store sales were down 1.3 percent for the quarter. Supervalu's identical-store sales figure includes results from outlets operating for four full quarters, including store expansions, and excludes fuel sales.

    Looking ahead, Supervalu now expects identical store sales, excluding fuel, to be flat to down 0.5 percent for fiscal 2009, and flat to up 0.5 percent for the balance of the year. In July, it had forecast an 0.5 percent increase in identical store sales, excluding fuel.

    Supervalu said it expected to earn $2.86 to $2.96 per share this year, down from a prior forecast of $3 to $3.16. Analysts were expecting $2.96.

    The company expects third-quarter earnings per share to fall slightly while earnings in the fourth quarter should "finish strong," aided by cost-cutting plans and an extra week in the year, Chairman and Chief Executive Jeff Noddle said in a statement.

    Supervalu forecast full-year net sales of about $45 billion, in line with analysts' average forecast of $44.97 billion.

    In trading before the market opened, Supervalu shares slipped to $18.33 after closing at $18.40 on Monday.

    (Reporting by Jessica Wohl and Lisa Baertlein; Editing by Lisa Von Ahn, Dave Zimmerman)