Goldman Sachs has trimmed its estimates for Gannett, after the company announced its plan to take a non-cash impairment charge between $2.5 and $3 billion in the second quarter.

Gannett acknowledged the challenges at its British properties as well as continued softness in U.S., Editor and Publisher reported.

"While Gannett has a well deserved reputation for sustaining above average profitability through aggressive cost management, even the industry's best managed company is not immune to current industry pressures," according to a note from Goldman Sachs, E&P reported.

Based on more "conservative revenue estimates", the research firm lowered its earning per share forecast for the publisher. In 2008, Goldman Sachs expects EPS to drop to $3.89 from $3.96. EPS for 2009 is now expected to be $3.65 rather than $3.81. Goldman trimmed its EPS in 2010 from $4.08 to $3.86.