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Supervalu Q1 net income up 10%, results top estimates
Minneapolis -- Supervalu reported Tuesday that earnings for the first quarter rose 10% to $74 million, compared with $67 million in the year-ago period. The grocer cited effective cost-cutting for the strong performance, which topped Wall Street expectations.
The operator of Albertsons and Jewel-Osco supermarkets saw revenue fall 4% to $11.11 billion, just missing analysts’ expectations of $11.13 billion. Same-store sales dropped 3.9%.
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Meijer opens small concept store in Chicago
GRAND RAPIDS, Mich. — Meijer announced that it is opening a new concept store in the Chicago suburb of Melrose park that will provide a tailored grocery offering and a broad variety of general merchandise.
Called Meijer Marketplace, the new store will be 96,000 sq. ft., about half the size of Meijer's largest supercenters.