UPDATE: Supervalu Posts In-Line FQ2 Profit

Supervalu

reported in-line earnings for the fiscal second quarter. The Eden Prairie, Minnesota-based company posted quarterly earnings of $31 million, or $0.11 per share, down from $40 million, or $0.15 per share, in the year-ago period. The recent quarter results included $1 million in after-tax information technology intrusion costs, net of insurance recoverable. Its revenue rose 1.8% to $4.02 billion. However, analysts were expecting earnings of $0.11 per share on revenue of $3.95 billion. Retail Food net sales during the quarter rose to $1.10 billion from $1.07 billion. Identical store sales for corporate stores within the Save-A-Lot network rose 8.2%, while independent business sales fell 1.1% in the quarter. Gross profit declined to $572 million from $576 million, while net interest expense fell to $46 million from $51 million. President and CEO Sam Duncan said, “The investments we have made at Save-A-Lot continue to drive sales and our Retail Food stores recorded their third consecutive quarter of positive identical store sales.” Supervalu shares fell 0.70% to close at $8.55 yesterday.