Dive Brief:
- Supervalu reported a profit from continuing operations of $50 million in its fiscal first quarter, better than what analysts had expected. Sales of $5.23 billion also topped expectations.
- The company's retail division, which includes Save-a-Lot and Cub Foods, saw sales rise during the quarter.
- Sales in the company's independent business unit, which serves as a wholesaler to grocers, reported a 2.6% decline in sales. Supervalu has said it sees that business, not retail stores of its own, as its future.
Dive Insight:
Wall Street just loves Supervalu, which has become one of the great turnaround stories in today's business world. Yesterday was no exception. Shares rose another 2.7% after earnings were released, reaching a new 52-week high.