Supervalu shares drop on outlook
From Times Staff and Wire Reports
Shares of Supervalu Inc. dropped more than 16% after the grocer suggested that financial pressure was hurting customers and reduced its full-year guidance.
The sell-off came as the owner of the Albertsons, Cub Foods, Shop ‘n Save, Jewel-Osco, Shaw’s and Star Market store brands reported that its third-quarter profit rose almost 25%.
Chief Executive Jeff Noddle said the company expected consumer spending to continue to be pressured by inflation.
Supervalu said it earned $141 million, or 66 cents a share, in the three months ended Dec. 1, up from $113 million, or 54 cents, in the same period a year earlier.
