US food retailer and wholesale distributor Supervalu has reported a 4.5% decline in earnings for its fiscal first quarter, but also said it has "good momentum" to reach its full-year financial targets.

Supervalu posted net income for the quarter to 14 June of US$73.7m, compared to $77.2m for the year-ago period. The results narrowly missed analysts’ estimates, reported Dow Jones News Service.

Supervalu said the latest results included $735,000 in restructuring and other charges.

Sales increased 3.2% to $5.84bn from $5.65bn. Retail sales grew 5.1% to $2.96bn from $2.81bn a year earlier, an increase attributed to new store openings and the inclusion of Deals stores, which Supervalu acquired in the first quarter of the previous year. Same-store sales rose 0.4%.

Food distribution sales rose 1.3% to $2.88bn from $2.84bn a year earlier.

Supervalu reiterated estimates for its current fiscal year of earnings of between $2 and $2.15 a share. In its last fiscal year, which ended 22 February, Supervalu earned $257m, or $1.91 per share, on sales of $19.16bn.