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Supervalu Focuses on Quality

MINNEAPOLIS-Grocery giant Supervalue reports Q1 results and discusses extensive remodeling plans for its Save-A-Lot retail chain.

By Dana Dubriwny | Updated on July 21, 2005

MINNEAPOLIS-Supervalu, parent company of retail chains Save-A-Lot, Bigg’s, Cub Foods, Farm Fresh, Hornbacher’s, Scott’s, Shop ‘n Save, and Shoppers Food & Pharmacy, reported a 1% Q1 increase in net sales and a 61% loss in net earnings.

Addressing the financial decline, Jeff Noddle, chairman and chief executive officer, reminded investors during a Wednesday earnings call that last year’s first quarter results included a net after-tax gain on the sale of the company’s minority interest in WinCo Foods Inc. of $68.3 million, or 47 cents diluted earnings per share.

The grocery giant reported in its first quarter ended June 18 net sales of $6 billion compared to $5.9 billion last year and net earnings decrease of $91.2 million compared to $149.4 million versus the same period last year. Basic earnings for the quarter on per-share basis came in at 67 cents compared to $1.10, and diluted earnings per share were reported at 64 cents compared to $1.04.

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