Supervalu reports strong 2Q EPS growth

MINNEAPOLIS Supervalu today reported second quarter net sales of $10.2 billion for the second quarter, compared to $10.7 billion last year. The company reported net earnings of $148 million, or 69 cents per diluted share, for the quarter, compared with net earnings of $132 million, or 61 cents per diluted share, for last year.

Jeff Noddle, Supervalu chairman and ceo said, "Through the first half of fiscal 2008, we are on track, delivering the fifth consecutive quarter of double-digit earnings per share growth on the heels of our record-setting results during fiscal 2007. In year two of our three-year journey, we are implementing programs to improve our long-term sales performance and deliver our synergies, while operating our business from day-to-day. I am pleased to affirm our fiscal 2008 earnings guidance today, which represents another year of double-digit earnings per share growth."

For fiscal 2008, the company anticipates that net sales will be about $44 billion and identical-store sales growth, excluding fuel, will be at the low end of the 1% to 2% range.