MINNEAPOLIS — Despite a same-store sales decline 6.5% and a 9.8% drop in total sales for the fiscal third quarter, Supervalu here on Tuesday said aggressive cost controls and stabilization of margins allowed it to report net income of $109 million for the period.
Sales totaled $9.2 billion in the quarter, which ended Dec. 5, 2009, down from $10.2 billion in the third quarter of a year ago, when the company reported a loss of $2.9 billion. In addition to the same-store sales decline, the company also realized lower revenues after the sale of its Salt Lake City division and other store closures.
Wholesale sales declined 9.2%, to $2.1 billion, primarily reflecting the Target’s transition of some of its volume to self-distribution.
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