Supervalu records big loss in 3Q due to charges
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Supervalu says it recorded a big loss in its fiscal third quarter because of hefty one-time charges, but excluding special items, the grocer beat Wall Street estimates.
Supervalu Inc. says it posted a loss of $2.94 billion, or $13.95 per share, compared with a profit of $141 million, or 66 cents per share, in the year-ago period.
Excluding impairment charges, the Eden Prairie-based grocer earned 62 cents per share in the quarter ended Nov. 29.
Sales fell to $10.17 billion from $10.21 billion.
Analysts expected a profit of 60 cents per share and sales of $10.18 billion, according to a poll by Thomson Reuters.
Supervalu now expects profit of $2.80 to $2.90 per share for the full fiscal year excluding charges. Analysts project income of $2.79 per share.
(Copyright 2009 by The Associated Press. All Rights Reserved.)
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