MINNEAPOLIS -- Supervalu here said the addition of new business helped it achieve record sales for the third quarter ended Nov. 29.
o $40.25 million for the quarter -- despite the loss of equity income resulting from the sale of ShopKo Stores during the second quarter, the company noted -- and 46.8% for the year to date.
Food-distribution sales increased 2.6% to $3.6 billion for the quarter and 1.7% to $11.4 billion for the 40 weeks, with Supervalu "continuing to gain market share in both the full-service distribution and limited-assortment businesses, primarily by adding new customers," the company said.
Same-store sales for Supervalu's 324 corporate-owned retail outlets rose 1.2% for the quarter, with bigg's Hyper Shoppes, Hornbacher's, Save-A-Lot, Scott's Foods and Shop 'n Save all generating year-over-year gains, the company said.
Retail sales rose 1.6% to $1.1 billion for the quarter and 1.5% to $3.5 billion for the year to date, reflecting reductions in the number of Cub and Laneco corporate stores and an increase in the number of Save-A-Lot units.
3RD-QUARTER RESULTS
Qtr Ended 11/29/97 11/30/96
Sales $4.0 billion $3.9 billion
Change + 2.6%
Net Income $40.25 million $40.22 million
Change + 0.1%
Inc/Share 67 cents 60 cents
40 Weeks 1997 1996
Sales $12.9 billion $12.7 billion
