Supervalu's first-quarter net income falls 40 pct
Supervalu's first-quarter net income drops 40 percent as sales fall 9.6 percent
Supervalu Inc.'s first-quarter net income fell 40 percent as rising competition cut into the grocery chain's sales.
The operator of Albertsons and Jewel-Osco called its revenue disappointing but reiterated its forecast for the full fiscal year.
The company earned $67 million, or 31 cents per share, for the quarter. That's down from $113 million, or 53 cents per share, a year earlier. Excluding after-tax charges of 12 cents per share, the company earned 43 cents in the quarter that ended June 19.
Revenue fell 9.6 percent to $11.5 billion as the company exited certain markets.
Analysts, who typically exclude such one-time items, expected Supervalu to report net income of 42 cents per share on revenue of $11.67 billion.
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