Supervalu reports drop in 2Q sales, net earnings still up year-on-year

MINNEAPOLIS Supervalu’s second quarter net sales dropped while other record earnings were more positive.

The company, which reported its earnings for the second quarter of fiscal 2008 on Wednesday, said their second quarter net sales dropped by 4.6 percent to $10.2 billion, compared to $10.7 billion last year.

Meanwhile, the company received better news when reports indicated that their net earnings had jumped a whopping 12 percent to $148 million, compared to $132 million last year. Earnings per share escalated by 13 percent to $0.69.

“In year two of our three-year journey, we are implementing programs to improve our long-term sales performance and deliver our synergies, while operating our business from day-to-day,” said Jeff Noddle, the company’s chairman and chief executive officer. “I am pleased to affirm our fiscal 2008 earnings guidance today, which represents another year of double-digit earnings per share growth.”

Supervalu’s second quarter of fiscal 2008 ended Sept. 8, 2007, and included 12 weeks of combined results compared to the second quarter of fiscal 2007, which included 13 weeks of acquired operations.

Last year, Supervalu completed its $11.4 billion acquisition of Albertson’s premier retail properties, which transformed Supervalu into the nation’s third-largest supermarket chain with leading market shares across the country.