Supervalu posted $5.23 billion in net sales for the first quarter, a decrease of 0.1% from $5.24 billion last year; but president and CEO Sam Duncan expressed confidence in the company’s performance, saying it is off to a solid start across business segments.
Supervalu has begun supplying the first of 18 Rainbow stores that are being acquired as part of the transactions that were announced May 7 between Roundy’s and a consortium of Supervalu and independent retailers.
Supervalu reported net earnings of $31 million during the third quarter of fiscal 2014, almost double the net earnings of $16 million reported in the same quarter of the prior fiscal year. This dramatic increase came even as net sales slipped 1% to $4.1 billion from $4.5 billion.
The breakup of Supervalu to private equity firm Cerberus Capital Management could be announced as soon as Thursday when Supervalu shares third-quarter results with analysts, according to a report in the Wall Street Journal published Friday.
Save-A-Lot, a wholly owned subsidiary of Supervalu, on Monday launched a national search for a team of two interns to serve as brand ambassadors — or more aptly titled Road Scholars — for its 2012 Fuel Your Family Road Trip campaign.