Supervalu Inc has booked a jump in second-quarter losses, driven by charges related to the supermarket group’s turnaround plan.
The company said its second-quarter net loss totalled US$111m in the three months, up from $60m in the comparable period of last year.
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Supervalu has taken a number of steps to improve its performance, including the closure of underperforming stores and debt refinancing.
The company emphasised that losses were driven by one-off charges related to its turnaround plan. Excluding charges, Supervalu said its business would have broken even.
Sales slid from $8.43bn to $8.04bn in the period. The decline was the result of lower same-store sales and the disposal of the majority of its forecourt business, which contributed $158m to quarterly sales in 2012.
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