Dive Brief:
- Supervalu posted net income of $32 million in the most-recent quarter, down slightly from the $34 million reported a year earlier. The company cited its decision to lower prices at the Save-A-Lot chain for the decline.
- Overall sales in the quarter rose to $4.02 billion from $3.95 billion a year earlier, higher than forecast. Save-A-Lot sales rose 8%, largely on the company's new emphasis on perishables.
- Supervalu said it spent $1 million in one-time costs associated with a hacker attack earlier this year.
Dive Insight:
Supervalu is becoming one of the all-time great turnaround stories in the industry. The company is much smaller than it was in its heyday, but it's profitable now. And that wasn't always the case. It's worth noting that it was only a year ago this month that Supervalu moved into the black after selling off its five five largest supermarket chains, including Albertson's, Acme, Jewel-Osco, Shaw's, and Super Markets.