Grocery retailer and distributor Supervalu has reported a sharp fall in earnings for the first quarter ended 18 June 2006, but said the figure was a record high when a gain made on a sale last year is taken out.
 
Net earnings were $91.2m compared to $149.4m last year, while net sales were $6.0bn compared to $5.9bn.

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“Overall, we are pleased with our results during the first quarter, which reflect the diversified business mix of our company,” said Jeff Noddle, Supervalu chairman and CEO. “Last year, we reported a gain in the first quarter on the sale of Winco. When you exclude the gain from last year’s results, we achieved a record first quarter net earnings and diluted earnings per share.

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