EDEN PRAIRIE, Minn. (AP) — Grocery store operator Supervalu says its fiscal third quarter net loss widened due to costs related to a turnaround plan, continued high food prices and a cautious consumer.
The company is facing high food costs as well as costs related to a restructuring plan which involves closing stores, selling off some businesses and lowering debt.
The company lowered its yearly sales guidance, Its shares fell more than 6 percent in premarket trading.
Eden Prairie, Minn.-based Supervalu says its net loss totaled $750 million, or $3.54 per share, in the three months ended Dec. 3. That compares to a loss of $202 million, or 95 cents per share, last year.
Excluding unusual costs, it earned 24 cents per share. That was a penny shy of analysts' expectations.
Revenue fell 4 percent to $8.33 billion. Analysts expected revenue of $8.22 billion.