Supervalu posts loss for Q3, lowers full-year outlook
NEW YORK -- Supervalu reported a loss for its third quarter, dragged down by falling revenue and asset values, tighter margins and the cost of closing some stores. The grocer cut its full-year outlook based on the poor performance.
Supervalu, which operates Alberstons, Jewel-Osco and other supermarket chains, reported a loss of $202 million for the quarter, compared with net income of $109 million in the same quarter last year.
Supervalu recorded a hefty $252 million in charges during the quarter, mainly to reflect the shrinking value of its brand and other intangible assets. The charges also covered store closing costs, employee severance and other items.
Revenue fell 6% to $8.67 billion.