Grocery retailer Supervalu reported a 1.8% rise in sales for the second quarter to $4bn, compared to $3.95bn reported in the same quarter last year.
The growth in sales was attributable to a 6.5% rise in identical store sales in the save-a-lot network and a 0.4% increase in the retail food segment.
Identical store sales for corporate stores within the Save-A-Lot network grew 8.2%.
Net sales for retail food grew to $1.10bn from $1.07bn, and save-a-lot net sales totaled $1.05bn, up 8% over last year.
The group’s profit for the second quarter declined from last year, despite sales growth, reflecting lower operating margins.
The Eden Prairie, Minnesota-based company reported net earnings of $31m for the second quarter, lower than $40m in the prior-year quarter.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataNet earnings from continuing operations for the latest quarter was $32m, and adjusted earnings from continuing operations was $34m.
Supervalu president and CEO Sam Duncan said: "Midway through fiscal 2015, I am encouraged with the progress we have made across the business. The investments we have made at Save-A-Lot continue to drive sales and our Retail Food stores recorded their third consecutive quarter of positive identical store sales."
Meanwhile, independent business net sales declined 1.1% to $1.82bn, primarily due to lost accounts, including one New Albertson’s banner. The Independent Business consortium completed the Rainbow transactions.
"The addition of the Rainbow stores this past quarter is a positive for our Independent Business and we are encouraged by the early results," Duncan added.