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.
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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%.
