Supervalu Earnings Miss, But Revenue Beats

Supervalu Inc. reported first-quarter net income of $11 million, or 4 cents per share, down from $46 million, or 17 cents per share, for the same period last year. Adjusted EPS was 9 cents, missing the 11-cent FactSet consensus. Revenue for the quarter was $4.0 billion, up from $3.77 billion last year and ahead of the $3.93 billion FactSet consensus. Wholesale sales were $2.56 billion, up from $2.28 billion last year. The increase was due primarily to new customers and increased sales to new stores operated by existing customers, the company said. Retail sales fell to $1.39 billion from $1.43 billion, due to closed stores and a 4.9% decline in same-store sales. Supervalu shares are unchanged in Tuesday premarket trading, and down 30.4% for the year to date. The S&P 500 index is up 10.3% for 2017 so far.