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SuperValu Reports 3Q Net Income Of $34M

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.

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.

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.

(© Copyright 2016 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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