Supervalu Inc. has announced that profits slumped by 41 per cent to US$67m during the first fiscal quarter of the year, ended 19 June, as revenues slipped further than expected.
Group sales came in at US$11.5bn through the quarter, the US-based group noted, down from the US$12.7bn recorded in the same period last year as identical store sales decreased by 7 per cent.
'We are disappointed with our first-quarter sales performance,' said Supervalu chief executive office Craig Herkert in a statement. 'We continue to control our margins and take costs out of the business.'
As a result, the retailer maintained its full-year profit outlook on an operating basis, but lowered its view for net income based on higher charges.
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