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SuperValu rings up record net earnings

SuperValu Inc. reported third quarter fiscal 2009 net sales of $10.2 billion and a net loss of $2.9 billion. In the third quarter of fiscal 2008, the company reported net sales of $10.2 billion and record net earnings of $141 million.

Jeff Noddle, SuperValu chairman and chief executive officer, said, "I am pleased to report that for the third quarter, despite cautious consumer spending, we were able to deliver adjusted diluted earnings per share of $0.62 excluding the non-cash impairment charges, in-line with our expectations and cycling against a record quarter in the prior fiscal year. Our fiscal 2009 projected cash flows are strong, funding $1.2 billion in capital spending, $0.4 billion in debt reductions, and $0.1 billion in dividends. We continue to position the company for long-term success, taking into consideration the current economic environment."

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