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Supervalu 1Q Profit Rises 10% On Lower Taxes; Revenue Falls

DOW JONES NEWSWIRES Supervalu Inc.'s (SVU) fiscal first-quarter earnings rose 10% thanks to a lower effective-tax rate though the supermarket operator posted weaker sales and margins. Grocers and food companies have been raising some prices to offset rising commodities costs despite risks that consumers will buy less because of concerns about the economy and high unemployment. Supervalu, whose supermarket brands include Albertsons and Shaw's, has been striving to cut expenses and become more cost-competitive with rivals. Plans include a revamp of its private-label strategy--replacing existing store brands that are named for its chains, such as Jewel Osco and Albertsons, with a national Essential Everyday brand. The company expects the move will increase its leverage with suppliers and allow a national advertising approach. For the quarter ended June 18, Supervalu reported a profit of $74 million, or 35 a share, up from $67 million, or 31 cents a share, a year earlier. Prior year earnings were 43 cents excluding charges related to market exits and a labor dispute. Revenue decreased 3.7% to $11.11 billion on exits from some markets and an identical-store sales decline of 3.9%. Analysts polled by Thomson Reuters most recently forecast earnings of 33 cents on revenue of $11.16 billion. Gross margin edged down to 22.1% from 22.5% amid inventory impacts. The company's effective income-tax rate declined to 40.8% from 47.5%. Shares of Supervalu, which affirmed guidance for the fiscal year, closed Monday at $8.52 and were inactive premarket. The stock is down 26% in the past year. -By Tess Stynes, Dow Jones Newswires; 212-416-2481;

Stock News for Supervalu (SVU)
07/22/201617:08:30Current Report Filing (8-k)
07/15/201617:00:00SUPERVALU Announces Fiscal 2017 First Quarter Conference Call
07/14/201603:30:00Delhaize, Ahold Agree to Sell 86 U.S. Stores
07/13/201621:16:00SUPERVALU Looks to Expand Wholesale Bus. With Acquisition of...
07/11/201616:52:52Current Report Filing (8-k)
07/11/201607:30:00Pre-market Equity Watch on Grocery Stores - The Kroger, Whole...
07/05/201616:45:00SUPERVALU Named Primary Wholesaler and Services Provider by Marsh...
06/09/201617:18:00SUPERVALU Files Amendment No. 1 to Form 10 for Possible Spin-off...
06/07/201616:50:08Additional Proxy Soliciting Materials (definitive) (defa14a)
06/07/201616:41:28Proxy Statement (definitive) (def 14a)
05/24/201617:00:00SUPERVALU to Participate at RBC Capital Markets Consumer and...
05/23/201606:37:07Current Report Filing (8-k)
05/23/201606:30:00SUPERVALU Completes Amendment of Senior Secured Term Loan Agreement
05/18/201614:24:33Amended Statement of Changes in Beneficial Ownership (4/a)
05/17/201616:52:19Statement of Changes in Beneficial Ownership (4)
05/17/201616:51:28Statement of Changes in Beneficial Ownership (4)
05/17/201616:51:28Statement of Changes in Beneficial Ownership (4)
05/17/201616:50:59Statement of Changes in Beneficial Ownership (4)
05/17/201616:50:34Statement of Changes in Beneficial Ownership (4)
05/17/201616:50:34Statement of Changes in Beneficial Ownership (4)

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