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Supervalu profit down 30% in Q1


Portland, Ore. Supervalu said Tuesday that its profit dropped 30% in the first quarter as it cut prices to stay competitive in the tough economy.

The company earned $113 million for the period that ended June 20, compared with $162 million a year earlier.

Sales fell 5% to $12.72 billion, missing analyst estimates of $12.81 billion.

The company said increased competition, decreased consumer spending and fluctuations in food prices hurt its performance during the quarter. Supervalu said those pressures are not likely to abate soon and lowered its guidance for the year.


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