Supervalu, the US-based retail chain, has reported that the third quarter of 2008/09 saw the group make a net loss of US$2.9bn, down considerably from record net earnings of US$141m in the same period of 2007/08.
Retail food sales during the three-month period remained steady at US$7.9bn, as new store growth was offset by store closures and negative identical store sales of 0.5 per cent.
'I'm pleased to report that for the third quarter, despite cautious consumer spending, we were able to deliver adjusted diluted earnings per share of US$0.62 excluding the non-cash impairment charges, in line with our expectations and cycling against a record quarter in the prior fiscal year,' said CEO Jeff Noddle. 'We continue to position the company for long-term success, taking into consideration the current economic environment.'
Looking ahead to 2009, Mr Noddle added: 'We are taking steps that will build a stronger Supervalu and better position us for success in fiscal 2010. Driven in part by the economy as well as the planned reduction in capital expenditures and activities tied to the final year of our transformation, we will be incurring certain charges in the fourth quarter, predominantly non-cash charges related to the closure of non-strategic store locations and cost mitigation efforts.'
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