Mondavi Lowers Outlook, Plans Cuts

Robert Mondavi Corp. lowered its forecast for its fiscal third quarter and for the year because of weak demand and a grape glut and plans to cut 10% of its workforce.

The company will have a loss in the quarter ending Monday of 5 to 10 cents a share, Mondavi said. Annual net income will be 91 to 96 cents a share. The company had expected third-quarter earnings of as much as 35 cents and full-year profit of as much as $2.35 a share.

Shares of the Oakville, Calif.-based winemaker fell 2 cents to $22.97 on Nasdaq.