MINNEAPOLIS — Supervalu here said last week it is imposing tighter expense controls and other cost-savings activities “to create a foundation for sales momentum and future growth” once the economy turns. After reporting flat sales on record earnings for the first quarter ended June 14, the company said it was lowering earnings guidance for the year to a range of $3 to $3.16, compared with earlier guidance of between $3.06 and $3.22; it also lowered guidance on identical-store sales growth, excluding fuel, to approximately 0.5%, compared with previous guidance of 1% to 2%. According to Jeff Noddle, chairman and chief executive officer, the revised guidance reflects higher energy costs, higher non-cash inventory charges and the effect of the economy on consumers, partially offset by the tighter expense controls and other programs the company has initiated. Elliot Zwiebach
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