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.
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.
In 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.