Supervalu has reported record net sales of US$10.7bn compared to $4.6bn last year for the second quarter of the 2007 financial year, reflecting the acquisition of Albertson’s premier retail properties.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The retailer reported net earnings of $132.0m compared to $33.8m last year, and diluted earnings per share of $0.61 compared to $0.24 last year.
During the quarter Supervalu completed its $11.3bn acquisition of Albertson’s premier retail properties which transformed it into the US’ third-largest supermarket chain with leading market shares across the country.
Supervalu chairman and chief executive officer Jeff Noddle said: “This quarter represents the first quarter of combined results since the June acquisition of Albertson’s premier retail properties. We produced double-digit earnings per share growth by significantly increasing our after-tax earnings, demonstrating the accretive acquisition and the powerful improvement in our business model.”
For the first half of fiscal 2007, the company reported net sales of $16.4bn compared to $10.5bn last year, and net earnings of $218.8m compared to $125.0m last year.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataIn the food segment itself, second quarter retail net sales increased to $8.5bn compared to $2.4bn last year. Reported retail operating earnings for the second quarter was $360.5m compared to $39.0m last year.
In its outlook the company said it expects total sales in the range of approximately $37bn to $38bn for the 2007 financial year.
“As the new Supervalu continues to take shape, we are committed to our customers and all our stakeholders around the country. I am very pleased with our progress so far and the excitement of our associates throughout the company. I look forward to sharing our performance throughout the remainder of the year,” added Noddle.
