MINNEAPOLIS — Craig Herkert, the chairman and chief executive officer of Supervalu here, said yesterday he envisions the company as “America's neighborhood grocer,” with a more customer-centric focus, that views itself as a single, integrated entity rather than a series of individual banners.

“Implementing this vision won't change the trajectory of our top- or bottom lines overnight,” Herkert pointed out. “This will be a multi-year revitalization effort that will be complicated by the unpredictability and pressures of these unprecedented economic times. And I'm being realistic when I say there is much need for improvement in our everyday execution, but this will be the near-term imperative as we work on getting the basics right.”

According to Herkert, who joined Supervalu in May, his vision for Supervalu includes looking for market-share growth based on geography rather than banner; leveraging purchasing power across all banners; making price investments funded by better merchandising decisions; and working with vendors to rationalize assortments.

For the 12-week second quarter, which ended Sept. 12, net income fell 42.2% to $74 million, while sales fell 7.5% to $9.5 billion and identical store sales in the retail division fell 4.8%. For the first half net income fell 35.5% to $187 milion, while sales dropped 5.9% to $22.2 billion.

Read More of Today's Headlines