EDEN PRAIRIE, Minn. (AP) — SuperValu reported a drop in profit and revenue in its fiscal third quarter, during a period the grocery store operator called a “challenging” environment.
Shares of SuperValu Inc. fell 69 cents, or 11.5 percent, to $5.32 in morning trading Wednesday.READ MORE: 'We’re Really Worried': Rent Assistance Orgs Face Influx Of Calls As State Program Abruptly Stops Applications
Based in Eden Prairie, Minnesota, SuperValu operates several grocery chains, including Cub Foods, Farm Fresh and Hornbacher’s. The company plans to split off its discount chain Save-A-Lot into a separate company, a decision it first announced in July.
On Wednesday, Supervalu reported net income of $34 million, or 13 cents, in its fiscal third quarter, down from $79 million, or 30 cents per share, from the same period before.READ MORE: Southern Minnesota Man Gets Life In Prison For Child Pornography, Sexually Exploiting Teenage Girl
Earnings, adjusted for non-recurring costs and amortization costs, were 16 cents per share. The results matched Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was also for earnings of 16 cents per share.
Revenue fell 2.6 percent to $4.11 billion, slightly below the $4.16 billion analysts expected, according to FactSet.MORE NEWS: Jasmine Powell Leaves Gophers, Set To Enter NCAA Transfer Portal
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