What: Shares of SUPERVALU (NYSE:SVU) were down 11.3% at 11:15 a.m. ET Wednesday after its quarterly results disappointed Wall Street.

So what: SUPERVALU shares have fallen sharply over the past year on a string of disappointing quarters, and today's Q3 results -- earnings fell to $34 million from $74 million in the year prior, on a revenue decline of 2.6% -- suggest that the downtrend isn't slowing anytime soon. In fact, same-store sales in the retail food division fell 2.6% while net margin decreased 110 basis points, giving analysts plenty of negative vibes over SUPERVALU's ability to differentiate itself amid increasingly fierce competition.

Now what: SUPERVALU recently announced intentions to spin off its heavy discount segment, Save-A-Lot, but there's still a chance that those plans will eventually fall through. "Although third-quarter adjusted EBITDA was in line with our operating plan, we continue to operate in a challenging environment," said President and CEO Sam Duncan. "Improving sales is a primary focus as we look to complete the fiscal year." When you couple the possibility of a value-generating spin-off occurring in the near future with the stock's paltry forward P/E of 7, SUPERVALU's downside might even be limited enough to bet on that improvement.