Supervalue Q1 earnings down 33%
Sales slide 6%
Lowers FY EPS, sales forecast
US supermarket group Supervalu saw profits slide to US$113m in the first quarter of its fiscal year, down from $162m last year.
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The company said earnings per share fell to $0.53 per diluted share, including after-tax costs of $3m related to store closures, down from $0.76 per share last year.
Sales fell to $12.7bn, down from $13.3bn.
Margins were dented by increased investment in promotional activity and marketing. Gross profit margin was $2.8bn, or 22.4% of net sales, compared to $3.1bn or 23% of sales last year.
Looking to the full year, Supervalu now expects sales to fall by around 3%, down from a previous guidance range of a 1% decline to a 1% increase.
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By GlobalDataFull-year earnings are now expected to be in the range of $1.95 to $2.15 per share on a GAAP basis and $2.01 to $2.21 on an adjusted basis, when excluding costs related to store closures.
Click here for the full press release, or check back later for just-food’s analysis and management comment.
