Supervalu Makes First Quarter Progress

In the fiscal first quarter, Supervalu, Inc. posted net earnings of $40 million, or 15 cents per diluted share, versus a loss of $111 million, or 26 cents per diluted share, for the period a year ago. The company reported that identical store sales in the Retail Food segment were negative 0.9% while idents in its Save-A-Lot store network were negative 0.3%, even though those for Save-A-Lot corporate stores gained 4.6%.

Excluding one-time items, second quarter net earnings were $33 million, or 13 cents per diluted share. Earnings beat a Thomson Reuter’s analyst average estimate of 11 cents per share.

Net sales were $3.95 billion versus $3.94 billion in the 2012 period. Operating earnings in the second quarter were $112 million versus a loss of $12 million in the year-prior period.

“Similar to what we outlined in the first quarter, we remain focused on delivering steady improvements in our business each and every quarter,” said Sam Duncan, Supervalu president and CEO. “While our end goal won’t be achieved overnight, I am encouraged with our results this quarter and, more importantly, the way we are achieving these results by building a strong foundation that is focused on our customers.”