Supervalu loses money in 3Q, cuts outlook for year
BY ASSOCIATED PRESS January 11, 2011 9:37AM
Updated: January 11, 2011 10:04AM
MINNEAPOLIS (AP) — Supervalu Inc. says it lost money in its fiscal third quarter as the grocer dealt with hefty charges and promotions that were less effective than hoped. The operator of Albertsons, Jewel-Osco and other chains also cut its full-year earnings outlook.
Its stock dropped 69 cents, or 8 percent, to $7.90 in premarket trading Tuesday.
Supervalu lost $202 million, or 95 cents per share, for the period ended Dec. 4. A year ago it earned $109 million, or 51 cents per share.
Quarterly charges totaled $252 million, or $1.19 per share.
Adjusted earnings were 24 cents per share, which missed Wall Street’s expectations for 32 cents per share.
Revenue fell 6 percent to $8.67 billion as retail food revenue declined. Analysts expected revenue of $8.71 billion.