Struggling US retailer Supervalu has booked an increase in net losses for 2012 as charges relating to its turnaround plan hit the bottom line.
In a regulatory filing today (24 April), Supervalu said full-year net losses from continuing operations for the 12 months to the end of February rose to US$263m. This compared to a net loss from continuing operations of $110m in the comparable period last year.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The company said profits were primarily hit by $187m in after-tax charges related to asset impairments, employee related costs and store closure expenses.
Net sales were slightly down – dropping to $17.1bn from $17.34bn last year. Retail food sales were down 2.4% and Save-a-lot same-store sales were down 3.3%.
