Wednesday, July 24, 2013

Save-A-Lot sales down 1.6 percent in first quarter

Supervalu announced its earnings for the quarter that ended on June 15, and although the company posted a loss from continuing operations and sales declined as compared to the same quarter in 2012, their net income doubled. Shortly after the earnings were released, Supervalu's stock jumped nine percent to hit a 52-week high.

As for Save-A-Lot, the only Supervalu brand in the Greater Philadelphia market since Acme was sold earlier this year, net sales for the quarter were $1.27 billion, down 1.6 percent from the same period a year ago. Save-A-Lot's operating earnings for the quarter were $57 million (excluding $5 million in pre-tax asset impairment charges and severance costs), compared to $59 million for the same quarter in 2012.

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