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Price investments hinder Supervalu profits
Supervalu president and CEO Sam Duncan is encouraged with the progress the retailer is making and why not. Identical store sales in the company’s Save-A-Lot units were up 6.5% in the second quarter.
The company’s total sales for the period ended September 6, increased 1.8% to $4.02 billion while profits declined to $31 million, or 11 cents a share, from $40 million, or 15 cents a share. When adjusted for some non-recurring items, second quarter earnings were $34 million, or 13 cents a share.
