Supervalu claimed today (24 July) that it had completed its first year as a “retail powerhouse” after posting double-digit earnings growth for its first quarter.
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The US grocer recorded net income of US$148m for the three months to 16 June, up from $87m a year earlier. Sales more than doubled to $13.3bn, climbing from $5.8m during the corresponding period last year.
The results included the first contribution from Supervalu’s Albertsons chain, which the company acquired in June last year.
Supervalu chairman and CEO Jeff Noddle said the company is “on track” to meet its targets as a larger retailer over the next two years.
“On all fronts, this was a highly successful first year which sets the foundation for the next two years of our journey following the acquisition. We are now beginning to execute our business plans that will maximise the full potential of our transformed company including the delivery of synergies.”
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By GlobalDataSupervalu’s retail food sales soared from $2.9bn to $10.4bn, buoyed by the Albertsons acquisition. The company said, however, that like-for-like sales were up 1.2%.
