- Smart & Final Stores (SFS -11%) slides after the company posted negative same-store growth for Q2 and set guidance below expectations.
- The company sees full-year EPS of $0.58-$0.60 off a comparable store sales range of -0.5% to +0.5%.
- The roll-out of new stores had an impact during the quarter.
- CEO DAvid Hirz: "The anticipated sales cannibalization from new store development, coupled with higher than expected deflationary pressures on product pricing, have resulted in headwinds to comparable store sales during the first half of 2016, which we expect will remain challenging during the balance of the year."
- Previously: Smart & Final Stores misses by $0.01, misses on revenue (July 28)