Supervalu Posts Higher Q1Earnings and Says It May Spin Off Save-A-Lot
SEAFOODNEWS.COM [Progressive Grocer] - July 30, 2015 -
Supervalu has begun preparations for a possible spin-off of its Save-A-Lot business into a stand-alone, publicly traded company.
“Today’s announcement reflects our commitment to continuing to explore ways to maximize value for our shareholders,” said Sam Duncan, Supervalu president and CEO.
Save-A-Lot currently operates 1,335 stores of which 430 are corporately owned and about 900 are operated by licensee owners.
Supervalu also released its Q1 results for fiscal 2016, posting net sales of $5.4 billion and net earnings from continuing operations of $63 million, up from $48 million in Q1 of last year. All three business segments – Independent, Save-A-Lot and Retail Food – reported increases over the same period last year.
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