Supervalu Q1 sales relatively flat vs. year-ago
SEAFOODNEWS.COM [Progressive Grocer] - July 25, 2014 -
Supervalu Inc. posted Q1 net sales for fiscal 2015 of $5.23 billion, relatively flat, vs. $5..24 billion year-ago. The Midwest grocer's net earnings came in at $48 million for Q1.
"Fiscal 2015 is off to a solid start across our business segments,” said president/CEO Sam Duncan. “Our first quarter results reflect the investments we are making this year to position the company for future success and I am pleased with our operating performance.”
Supervalu's Save-A-Lot business reported $1.35 billion in Q1 net sales, compared with $1.27 billion last year, a 6.5 percent increase, which the grocer attributed to the 5.6 percent increase in Save-A-Lot identical store sales. Identical corporate store sales within the Save-A-Lot network were up 7.2 percent.
Save-A-Lot's Q1 operating earnings came in at $46 million, or 3.4 percent of net sales, compared with $52 million, or 4.1 percent of net sales, last year. Supervalu attributed the decrease to incremental investments to lower prices to customers offset in part by the benefits of cost reduction initiatives and higher sales volumes.
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