Supervalu Q3 loss widens after charge
Minneapolis -- Supervalu Inc.'s fiscal third-quarter loss widened on larger write-down’s and weaker sales. The company reported a net loss of $750 million, including non-cash goodwill and intangible asset impairment charges of $800 million after-tax, from a loss of $202 million a year ago.
Supervalu said same-store sales fell 2.9% in the latest quarter. Net sales fell 4% to $8.33 billion, below analysts' average forecast of $8.42 billion.
Shares were down 4.7% at $8 premarket as revenue missed expectations and the company cut its sales view for the current year. Through Tuesday's close the stock is up roughly 11% in the past year.