Supervalu reports 9.5 percent jump in first quarter profit

MINNEAPOLIS Supervalu reported a 9.5 percent increase in profit for its first quarter but lowered expectations for the rest of the year citing slower consumer spending.

The food and drug retailer reported earnings of $162 million for the quarter ended June 14 compared to $148 million last year. Revenues edged up slightly to $13.35 billion from $13.29 billion in 2007. The company did not break out sales at its more than 900 in-store pharmacies. Same-store sales for the quarter dropped 0.9 percent.

Chief executive officer Jeff Noddle said the company has lowered its earnings guidance for the year by a few cents, citing higher energy costs that are impacting spending. He also said the company expects same-store sale to rise 0.5 percent for the year, down from an initial forecast of a 1 percent to 2 percent increase.

“Today’s economic environment is quite different than what we anticipated a few months ago,” said Noddle.