Supervalu joins other grocers with profit warning, shares fall

Supervalu Inc.'s struggles to shore up its grocery operations, including Twin Cities market leader Cub Foods and its Save-A-Lot discount unit, are being hurt by competition and price deflation, executives said Thursday.

The Eden Prairie-based firm became the latest major grocery company to warn that its performance in the summer months would be below expectations. Executives cut their outlook for the rest of the company's financial year, which ends in April.

Supervalu shares fell 9.5 percent to the lowest level since the day in July when it reported results for its previous quarter.

http://www.startribune.com/supervalu-shares-tumble-as-execs-warn-of-profit-pressure-from-grocery-competitors/392742311/