Grocer Roundy's misses 2nd-qtr estimates, cuts FY forecast
* Second-quarter earnings/share $0.42 vs est $0.43
* Second-quarter sales $996.8 mln vs est $999.5 mln
* Cuts full-year profit view
Aug 9 (Reuters) - U.S. grocer Roundy's Inc reported quarterly results t hat trailed a nalysts' estimates due to promotions and lowered its 2012 forecast for the second time as it expects market conditions to remain difficult for the year.
The company, founded in Milwaukee in 1872, has recently struggled with weaker traffic as consumers tightened their budgets. Heavy competition has also forced it to increase discounts.
For the full year, the company, whose chains include Pick 'n Save and Rainbow Foods, now expects per-share earnings of $1.10 to $1.24, down from $1.30 to $1.42 forecast earlier.
Analysts on average are expecting earnings of $1.34 per share, according to Thomson Reuters I/B/E/S.
Full-year sales are now expected to grow 1 percent to 2 percent, compared with its previous forecast for a 2.5 to 3.5 percent rise.
Second-quarter profit was $18.9 million, or 42 cents per share, compared with $17.7 million, or 58 cents per share, a year earlier.
Revenue rose 1.7 percent to $996.8 million.
Analysts on average were looking for a profit of 43 cents per share on revenue of $999.5 million.
Roundy's shares, which have risen about 14 percent since they went public in February, closed at $10.23 on Thursday on the New York Stock Exchange.
- Tweet this
- Share this
- Digg this
DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.