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’s renewed focus on driving sales and cash in all segments of its business seem to be paying off. The company has been working toward turning identical sales positive and posted net sales of $3.95 billion for the second quarter ended Sept. 7, up 0.2% from $3.94 billion for the prior-year quarter.
Supervalu has completed the sale of its Albertsons, Acme, Jewel-Osco, Shaw’s and Star Market stores and related Osco and Sav-on in-store pharmacies to AB Acquisition LLC, an affiliate of a Cerberus Capital Management-led investor consortium, in a stock deal valued at $3.3 billion, including $100 million in cash and $3.2 billion in debt assumption.
Target is among the key sponsors of a Kids in Need Foundation event slated for this fall in Minneapolis. The company, along with fellow Minneapolis-based supplier 3M, is supporting the organization’s annual cocktail reception and fundraising dinner to be held September 21 at The Depot from 6:30 p.m. to 10:30 p.m. The guest speaker at the event is former OfficeMax chairman and CEO Sam Duncan.