Supervalu savors its fiscal momentum

Jul 10, 2003 12:00 PM, from staff and wire reports

Supervalu Inc, the Minneapolis MN-based retail grocery chain, reported results for the first quarter of fiscal 2004, which ended June 14, 2003. The company reported net sales of $5.8 billion compared with $5.7 billion in fiscal 2003, net earnings of $73.7 million versus $77.2 million the year before, and diluted earnings per share of $0.55 compared with $0.57 a year earlier.

Jeff Noddle, Supervalu chairman and chief executive officer, said, “We are pleased with our results during the first quarter, which included certain litigation settlement costs. We are encouraged by the good momentum across our operations so far this year and are reaffirming our guidance for fiscal 2004. We are particularly pleased with our comparable store sales performance in retail and the sales improvement in distribution. We are optimistic about our ability to strengthen our position both in grocery retailing and the food logistics industry.”