MINNEAPOLIS -- Supervalu here said it had record sales for the second quarter and first half ended Sept. 12.
principle with locally based Holiday Cos. to acquire all four Holiday Foods stores in the Twin Cities area.
After completion of the deal, which is expected late this month, Cub said it would convert the stores to the Cub Foods banner, giving Cub 30 stores in the Twin Cities area. The company said it has not determined how many, if any, of the stores may be corporate-owned.
In addition, the distributor said last week it will convert five stores in northern Philadelphia to the Shop 'n Save banner. As previously announced, Supervalu acquired the five former Super G stores from Ahold, the Netherlands-based company that had to sell those stores and five others to complete its acquisition of Giant Food, Landover, Md. Supervalu said sales rose 1.8% to $3.9 billion for the 12-week quarter and 2.7% to $9.1 billion for the 28-week half, while net income fell 55.2% to $39.9 million for the quarter and 34% to $91.7 million for the half.
The company said net income in last year's first quarter included $3.3 million in equity earnings from the company's investment in ShopKo Stores, Green Bay, Wis., while second-quarter results were affected by a $90 million pretax gain on the sale of its ShopKo investment; excluding those items, Supervalu said net income was up 12.5% for the quarter and 12% for the half.
