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Supervalu Posts Strong Earnings

October 11, 2006|From the Associated Press

MINNEAPOLIS — Supervalu Inc., the nation's third-biggest supermarket chain operator, said Tuesday its earnings nearly quadrupled in its second quarter because of its purchase of Albertsons grocery stores. Supervalu also boosted its guidance for the year.

"Our results this morning are strong, on track and demonstrate the power of the newly transformed Supervalu," Chief Executive Jeff Noddle said.

The Eden Prairie, Minn.-based grocer and food distributor said it earned $132 million, or 61 cents a share, in the three months ended Sept. 9, up from $34 million, or 24 cents, in the same period last year. Sales more than doubled to $10.67 billion from a year earlier.

Supervalu, which runs groceries such as Cub Foods and Shop 'n Save, nearly doubled its store count by buying most of Albertsons.

Supervalu raised its guidance for the full year, to a range of $2.18 to $2.41 a share, after lowering it over the summer. Supervalu said Tuesday it expected revenue of $37 billion to $38 billion for the year. The company's shares rose $1.38 to $32.39.

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