Supervalu Shares Drop as Earnings Miss Views
July 27 2016 - 11:10AM
Dow Jones News
Supervalu Inc. reported first-quarter results that came in lower
than expected, as it continues efforts to spin off its
deep-discount chain.
Supervalu shares declined 7% to $4.91 in early trading.
For the quarter ended June 18, the supermarket-chain owner
posted a profit of $46 million, or 17 cents a share, down from $61
million, or 23 cents a share, in the year-ago period. Adjusted for
charges related to the potential separation of Save-A-Lot and other
factors, earnings declined to $53 million, or 19 cents a share,
from $65 million, or 23 cents.
Revenue fell 3.9% to $5.2 billion.
Analysts polled by Thomson Reuters expected 22 cents in
per-share earnings on $5.3 billion in revenue.
"It takes time to bring on new business, and our first-quarter
results reflect the sales run rate we experienced coming out of
last year's fourth quarter," said Chief Executive Mark Gross, who
said the company has "been replacing lost business."
Write to Brittney Laryea at brittney.laryea@wsj.com
(END) Dow Jones Newswires
July 27, 2016 10:55 ET (14:55 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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