Supervalu Sales Down for Q1
Supervalu has reported fiscal results for an eventful first quarter 2014, during which it closed on the sale of five retail banners.
First quarter net sales declined 1.5 percent from $5.24 billion to $5.16 billion. The decrease primarily reflects a decline in identical store sales of negative 3.0 percent for Retail Food and negative 1.9 percent for Save-A-Lot. Identical store sales for corporately operated stores within the Save-A-Lot network were negative 1.2 percent, according to a release.
“Our first quarter was highlighted by a renewed focus on driving sales and cash in all segments of our business and I’m pleased with the progress we made, especially the sequential improvement in sales trends from the fourth quarter of fiscal 2013 in each of our business segments,” said Sam Duncan, SUPERVALU’s president and chief executive officer. “We have a good foundation, strong leadership team, improved debt maturity profile, and achievable goals across each operating segment.”Wholesale division sales fell 0.6%, to $2.46 billion while retail food sales declined 2.9% to $1.43 billion.
