US retailer Supervalu has announced a higher quarterly profit of $141m today (8 January), an increase of 25% on the year, helped by lower employee-related costs and other expenses.
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Net sales have fallen for their third quarter to $10.2bn compared to $10.7bn last year. Retail food operated earnings were $342m, or 4.4% of sales compared with $327m, or 3.9% last year.
Earnings per share are not expected to be as high as previous guidance stated. Shareholders can expect $2.71 to $2.77 per share.
Supervalu chairman and CEO Jeff Noddle said: “Our third-quarter results continue to benefit from the transformational acquisition [of Albertsons] in 2006 as we deliver the sixth straight quarter of double-digit earnings per share growth. We are pleased with our overall results, despite some headwind from softer than expected retail sales in the quarter.
Noddle added: “With today’s updated earnings guidance, fiscal 2008 earnings per share is expected to increase by approximately 17 to 19%.”
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