Roundy’s reports net loss of nearly $250 million

Special to The Freeman

Nov. 6, 2014

MILWAUKEE — During its third quarter, Roundy’s Inc. reported a net loss from continuing operations of $249.9 million, or $5.19 net loss per diluted common share.

For the same quarter of 2013, the Milwaukee-based grocery had net income from continuing operations of $3.2 million, or $0.07 diluted net earnings per common share.

Net sales, according to the company, increased by 16.4 percent to $973.8 million during the third quarter of 2013. Roundy’s also reported $247.1 million after-tax, non-cash goodwill impairment charge incurred during the third quarter.

“During the third quarter we continued to focus on improving sales and operational efficiencies in our core business. While we still need to address key challenges in our core market, we believe the strategic initiatives we have in place facilitated progress during the quarter and will allow us to continue to improve,” said Robert A. Mariano, chairman, president and chief executive officer of Roundy’s, in a statement. “We opened three additional Mariano’s stores during the quarter and we currently have a total of 29 stores in the Chicagoland area. We closed our Stevens Point distribution facility and we finalized the sale of certain Rainbow stores along with the closure of the remaining nine Rainbow stores. We will continue to focus on our goals of improving operational efficiency and delivering sustainable top-line growth to our business.”