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MINNEAPOLIS (AP) - Food wholesaler and grocer Supervalu Inc. on Monday posted a 57 percent plunge in profit for its latest quarter as the cost of selling 20 of its Pittsburgh stores hammered its bottom line.
The Minneapolis-based company also lowered its fiscal 2006 earnings expectations, owing to the charge for the Pittsburgh store-sale plan, which it said was larger than expected.
Net income skidded to $33.8 million, or 24 cents a share, for the fiscal 2006 second quarter ended Sept. 10, from $78.5 million, or 55 cents a share, a year earlier.
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