Ident decline drives down Supervalu sales in Q2
MINNEAPOLIS — Supervalu reported a loss of $111 for its second quarter, compared with net income of $60 million in the year-earlier quarter.
Revenue fell 4.6% to $8.04 billion in the quarter ended Sept. 8, from $8.43 billion in the year-earlier quarter. The decrease in net sales was blamed on both a decline in identical-store sales and the sale of a majority of the company’s gas stations, which had contributed $158 million in revenue in the second quarter last year.
“We have accomplished a number of important steps since I became president and chief executive officer mid-way through the second quarter, including the successful refinancing of our credit facility, restructuring our executive leadership team, and announcing the closure of 60 stores,” said Wayne Sales, president, CEO, and chairman, Supervalu. “Our team is aggressively focused on four key strategic imperatives necessary to improve our business: driving profitable retail sales, growing Save-A-Lot, building our network of successful independent retailers, and reducing costs.
The company also announced Thursday that Leon Bergmann is leaving and will be succeeded as president of independent business by Janel Haugarth, effective immediately. Haugarth will continue to lead Supervalu's business optimization efforts.