SUPERVALU (NYSE: SVU) Reports First Quarter Fiscal 2010 Earnings Updates Guidance

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SUPERVALU INC.(NYSE:SVU) recently made known first quarter fiscal 2010 net sales of $12.7 billion and net earnings of $113 million, or $0.53 per diluted share, including after-tax costs related to store closures of $3 million or $0.02 per diluted share. In the first quarter of fiscal 2009, the company reported net sales of $13.3 billion and net earnings of $162 million, or $0.76 per diluted share, including after-tax one-time acquisition related costs of $6 million or $0.03 per diluted share. When adjusted for store closure and one-time acquisition-related costs, first quarter diluted earnings per share were $0.55 in fiscal 2010 compared to $0.79 last year.

Craig Herkert, SUPERVALU’s chief executive officer, said, “As we noted in our press release of June 24^th, our first quarter results reflected the continuing difficult economic environment as well as investments we are making in price and higher levels of promotional spending. As a result, sales and margins in the first quarter were weaker than originally expected. We anticipate no near-term change in consumer spending patterns and we will operate our business accordingly.”

“As I proceed with my comprehensive review of the company’s operations and support functions, which has taken me to a number of our locations in my first two months, I continue to be impressed with our asset base, associates and independent retailers. It’s exciting to return to the grocery retailer where I began my career 30 years ago and I look forward to working with our fine team to realize SUPERVALU’s great potential,” continued Herkert.

SUPERVALU INC. is one of the largest companies in the U.S. grocery channel with estimated annual sales of $42 billion. SUPERVALU holds leading market share positions across the United States with its approximately 2,500 retail grocery locations, including nearly 900 in-store pharmacies. Through the company’s nationwide supply chain network, SUPERVALU provides distribution and related logistics support services to more than 2,500 independent retailers across the country. SUPERVALU has approximately 180,000 employees.

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