On Wednesday, the Wall Street Journal reported that SUPERVALU's shares went down by 11.3% at 11:15 a.m.

The shares of SUPERVALU have fallen in the past year's quarters, and on Wednesday, the Q3 results have shown that its earnings fell to $34 million. The revenue decline of 2.6% somehow suggests that this downward trend is not going to make up anytime soon.

"We believe some challenges are priced in [to Supervalu's stock] at this point, but we do not expect an imminent turn in shares until we see definitive signs of top-line improvement," Rupesh Parikh, an analyst at Oppenheimer & Co., wrote in a research note.

However, they are still optimistic.

President and CEO Sam Duncan said, "Although third-quarter adjusted EBITDA was in line with our operating plan, we continue to operate in a challenging environment. Improving sales is a primary focus as we look to complete the fiscal year."

Duncan blamed part of the company Q3 sales drop on "forces beyond the company's control", which includes deflation in meat prices and fewer customer trips to any of their supermarket chains and grocery stores.

This decrease is said to be worse than what has been expected. This is indeed alarming as the supermarket chain continues to face tough competition.

SUPERVALU is let stuck in an unattractive middle ground as consumers began patronizing the "low-price, no-frills chains". On the other hand, specialty chains such as Whole Foods Market Inc. have also become successful in luring wealthier shoppers.

Furthermore, SUPERVALU said last week that it would spin off its hard-discount division, Save-A-Lot, into its own public company. Doing this would "help investors better understand and value the low-price, no-frills chain, which has been a rare bright spot for the company."

Save-A-Lot was responsible for 26% of the company's sales in the most recent quarter.

SUPERVALU is behind several supermarket chains, such as, Cub, Fresh Farm and Shop n' Save.

Meanwhile, Duncan also expressed his retirement from SUPERVALU effective next month. He joined the company in 2013. Duncan has been helping SUPERVALU's stock rise in the past few years, topping $11 in April 2015.