Supervalu 3rd quarter loss widens

By the Associated Press | January 11, 2012 | 8:30 AM EST

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.