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MINNEAPOLIS - Supervalu Inc. on Tuesday reported a 16 percent increase in second-quarter earnings, despite the slow economy and consumers buying lower-priced groceries.
The Eden Prairie-based grocery wholesaler and retailer earned $58.8 million, or 44 cents a share, in the fiscal quarter ended Sept. 7, up from $50.6 million, or 38 cents a share, a year earlier.
Sales fell nearly 5 percent to $4.50 billion, from $4.76 billion.
"We continue to successfully deliver solid earnings despite a soft economic environment," said Jeff Noddle, Supervalu chairman and CEO. "Our task is to execute Supervalu's long-term strategies through prudent allocation of capital, unwavering commitment to store level execution and supply chain excellence. Through constant expense management and a strong balance sheet, we are in good position to weather the soft economy."