Supervalu posts $1.47 billion Q2 loss
Eden Prairie, Minn. Supervalu posted a loss of $1.47 billion in the fiscal second quarter because of charges tied to a labor dispute at its Shaw's chain and other employee-related costs. The supermarket operator also cut its full-year guidance.
"Our sales performance continues to reflect a difficult operating environment," CEO Craig Herkert said.
Adjusted to exclude the charges, earnings totaled $59 million.
The company said the Shaw's labor dispute was settled early in the quarter.
Revenue fell 9% to $8.66 billion. Same-store sales fell 6.5%.