NEW YORK (Thomson Financial) - Shares food retailers rose Tuesday with
Safeway Inc. getting a lift after its chief executive said he remains confident
in the company's 2008 earnings forecast.
"Regardless of what happens in the economy, we're confident that our
guidance will hold true," chief executive Steve Burd said at Bear Stearns' 14th
annual retail, restaurants & consumer conference in New York.
In December, Safeway projected 2008 earnings of $2.25 to $2.35 a share, or
$2.21 to $2.31 a share adjusted to exclude an extra week this year.
The mean estimate of analysts polled by Thomson Financial is for earnings of
$2.28 a share for the year.
Shares of other major food retailers also moved higher, with Kroger Co.
rising 1.2% to $25.14 and Casey's General Stores Inc. adding 1.6% to $25.43.
Supervalu Inc. jumped 3.1% to $28.96, a day after the company issued 2008
and 2009 adjusted earnings guidance above Wall Street's expectations.
The Retail Holdrs ETF (RTH) rose 35 cents to $90.70.
Wanfeng Zhou
wz/vj
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