US grocery retailer Supervalu has reported higher quarterly net earnings and said it is well positioned for further success.
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The company reported net earnings of US$78.5m, or 57 cents per share, for the second quarter to 11 September, compared to $62.2m, or 46 cents per share, for the year-ago period. Net sales for the second quarter were $4.5bn, compared to $4.6bn a year earlier.
“We are pleased with our record results in the second quarter. We achieved strong earnings performance reflecting last year’s asset exchange and a continued focus on merchandising programs,” said chairman and chief executive officer Jeff Noddle.
Supervalu said its earnings per share guidance for the fiscal year ending 26 February 2005 is a range of $2.80 to $2.90.
“With a strong retail strategy and excellent execution across our logistics operation, combined with a strong financial condition, we are well-positioned for continued success,” Noddle added.
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