Monday August 16, 2010

Supervalu Reports "Disappointing" Q1 Results

Minneapolis — For its fiscal first quarter ended June 19, Supervalu, Inc. showed a net income of $67 million, compared with $113 million in the same period in 2009.

CEO and President Craig Herkert said while the results were disappointing and a result of consumer economic pressures, the company continues “to control margins well and take costs out of the business.”

Supervalu reported net sales of $11.55 billion in the quarter, down 9.2 percent from the same period one year ago.