MINNEAPOLIS Within one week after the close of its first quarter ended, June 20, Supervalu officials warned investors that results will be “substantially” less than originally anticipated.
“Since providing guidance on our fourth-quarter earnings call, consumers have become more value focused and cautious in their spending, which has pressured sales and margins greater than anticipated,” said Supervalu CEO Craig Herkert. “We currently estimate our identical-store sales will be approximately negative 3%. We will update annual guidance on July 28 with our first-quarter earnings release,” he said. “I am engaged in a full review of our operations and support functions. Supervalu has significant potential.”