Business

Supervalu 1Q Earnings Rise, Top Estimates

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(credit: Jupiter Images)

(credit: Jupiter Images)

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MINNEAPOLIS (AP) – Supervalu Inc. says its first-quarter net income rose 10 percent as demand for groceries improved and the company cut costs.

The operator of Albertsons and Jewel-Osco supermarkets said Tuesday that it earned $74 million, or 35 cents per share, for the quarter. That’s up from $67 million, or 31 cents per share, in the same quarter last year.

Excluding 12 cents per share in charges for closing stores and a labor dispute, earnings were 43 cents per share. Analysts had expected 33 cents.

Supervalu’s revenue fell 4 percent to $11.11 billion. Analysts expected $11.13 billion.

Supervalu, based in Minneapolis, launched a turnaround plan more than a year ago — bringing in new management, cutting costs, lowering debt and closing stores.

Supervalu stock rose more than 8 percent in premarket trading.

(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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