Supervalu earnings soar on Albertson's acquisition
Sacramento Business Journal - by Katharine Grayson Minneapolis/St. Paul Business Journal
SuperValu Inc. said Tuesday that its earnings more than tripled in the second quarter. This earnings report was the first time the grocery giant included revenue generated by its new subsidiary, Albertson's.
Supervalu, based in Eden Prairie, Minn., said its earnings jumped to $132 million, or 61 cents per share, up from $34 million, or 24 cents per share, during the same period last year. The company also reported that its sales soared to $10.7 billion, up from $4.6 billion last year.
Analysts had been expecting second-quarter earnings of 53 cents per share, and revenue of $10.6 billion, according to Thomson Financial.
Supervalu's (NYSE: SVU) shares soared on the news Tuesday morning, climbing $1.79 per share, or 5.71 percent.
Supervalu bought Albertson's in June for $11.3 billion. Albertson's banner grocery stores included Jewel, Shaw's Supermarkets and Acme Markets, among others.
In response to the increase, Supervalu also upped its guidance to a range of between $2.18 per share and $2.41 per share. That's up from a range of between $2.11 to $2.41 per share.
Analysts polled by Thomson Financial had been expecting earnings of $2.21 per share.
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