Supervalu Down 12% on Earnings Miss
Shares of Supervalu (NYSE: SVU) are down nearly 12% after the company reported an earnings miss this morning.
The company reported third quarter fiscal 2012 net sales of $8.3 billion and a net loss of $750 million, or $3.54 per diluted share, including non-cash goodwill and intangible asset impairment charges of $800 million after-tax, or $3.78 per diluted share. When adjusted for the non-cash goodwill and intangible asset impairment charges, third quarter fiscal 2012 net earnings were $50 million or $0.24 per diluted share.
In the third quarter of fiscal 2011, net sales were $8.7 billion and the company reported a net loss of $202 million, or $0.95 per diluted share, including charges of $252 million after-tax, or $1.19 per diluted share. These charges included non-cash goodwill and intangible asset impairment charges, store closure and exit costs as well as employee-related expenses, primarily for severance and labor buyout costs. When adjusted for these charges, third quarter fiscal 2011 net earnings were $50 million, or $0.24 per diluted share.
