MINNEAPOLIS — Supervalu here said same-store sales in its fiscal second quarter fell 1.3%, excluding fuel, and the company cut its earnings guidance for the full year. “We did not execute well on several fronts, and that contributed to our delivering results below expectations,” said Jeff Noddle, chairman and chief executive officer, in a conference call discussing results for the period, which ended Sept. 6. He went on to say that sales trends were improving because of marketing initiatives and that the company was also implementing some cost-cutting initiatives. Net income for the quarter fell 13%, to $128 million, on flat sales of $10.2 billion. Sales in the company’s supply chain services division were up 3.8%, to $2.3 billion, reflecting inflation and new business, partially offset by the transition of some Target business to self-distribution. For the year, Supervalu expects earnings to be in the range of $2.86-$2.96 per share, down from previous guidance of $3-$3.16 per share. Same-store sales are expected to by slightly positive for the rest of the year, but for the full year are expected to be flat to down 0.5%.
Read More of Today's Headlines