The sale of more than half of Supervalu’s store network put the US retailer back in the black in its first-half, it reported today (17 October).
In the six months ended 7 September, net profits reached US$125m from a net loss of $70m in the prior year period. Operating profit soared to $194m from $22m a year earlier.
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In January, Supervalu reached an agreement for the sale of five retail grocery banners: Albertsons, Acme, Jewel-Osco, Shaw’s and Star Market.
Sales in the period remained flat at $9.19bn.
“Similar to what we outlined in the first quarter, we remain focused on delivering steady improvements in our business each and every quarter,” said Supervalu CEO Sam Duncan.b”While our end goal won’t be achieved overnight, I am encouraged with our results this quarter and, more importantly, the way we are achieving these results by building a strong foundation that is focused on our customers.”
Click here to view the full earnings release.
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