US: Supervalu Q3 profit lifts 51% on acquisition
The supermarket operator said earnings increased from US$75m, or $0.53 per share, during the third quarter of last year to $113m, or $0.54 per share, this year. Results for the quarter are in line with previously provided EPS guidance of $0.52-56.
The group's revenue more than doubled, increasing to $10.66bn up from $4.7bn reported for the year-ago period.
Supervalu's ESP included charges of $0.05 per share associated with the Albertson's purchase and $0.02 per share for special hybrid securities issued by the company.
Jeff Noddle, Supervalu chairman and chief executive officer said: "We are seeing great progress on many fronts, including double-digit earnings per share growth when adjusted for charges. When including the acquired operations, we also saw improvement in our identical store sales in the quarter and progress in our remodeling programme.
"In addition, we are pleased to announce today the fiscal 2008 capital programme of approximately $1.2bn, supporting our commitment to invest heavily in Supervalu's retail fleet primarily through new stores and remodels, bringing innovative new features to many of our stores across the country."
The company maintained its fourth-quarter guidance of EPS ranging between $0.59 and $0.66.
Union leaders have reported a high turnout in the vote held on Sunday by grocery workers on whether to take strike action....
Supervalu is mulling an appeal after a US court fined the retailer US$16m for forcing an independent grocer in Virginia out of business....
US retail group Supervalu has promoted Pete Van Helden to the position of executive vice president and president, Retail West....
A union representing grocery workers in southern California has reportedly broken off negotiations with three US supermarket chains....
US retailer Supervalu has upped its earnings forecast for the year ahead after reporting record results over the last 12 months....
Supervalu's board of directors has adopted an annual share repurchase programme, allowing the company to buy up to US$235m of the company's stock....
The US retail group Supervalu has issued diluted earnings per share guidance, on a GAAP basis, for the 2008 fiscal year. The company said it expected EPS of US$2.58 to $2.77....
Minneapolis-based retail group Supervalu has announced that it is to consolidate its distribution centres in the eastern US....
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