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Save-a-Lot Parent Company 1Q Net Income Falls 40%
EDEN PRAIRIE, Minn. (AP) -- Supervalu Inc.'s first-quarter net income fell 40 percent as rising competition cut into the grocery chain's sales.

The operator of Albertsons, Jewel-Osco, and Save-a-Lot stores, including ones in Galesburg and Monmouth, called its revenue disappointing but reiterated its forecast for the full fiscal year.

The company earned $67 million, or 31 cents per share, for the quarter. That's down from $113 million, or 53 cents per share, a year earlier. Excluding after-tax charges of 12 cents per share, the company earned 43 cents in the quarter that ended June 19.

Revenue fell 9.6 percent to $11.5 billion as the company exited certain markets.

Analysts, who typically exclude such one-time items, expected Supervalu to report net income of 42 cents per share on revenue of $11.67 billion.

(Copyright 2010 by The Associated Press. All Rights Reserved. WGIL News contributed to this report.)
07 26 10 by Newsroom
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