Saturday, January 16, 2010
SuperValu announced it's third quarter results this week. For the first time in two years the company has shown a profit—$109 million—due mostly to cost cutting measures. The profits mark a big turned around from last year's third quarter which saw a loss of $2.94 billion. Revenue, however, was down 9% and same store sales fell by 6.5%. There was no mention of Acme's performance in any of the reports I found although it is generally understood that Acme is facing some tremendous challenges these days. SuperValu is planning a huge expansion of it's Sav-a-lot banner which may include the conversion of some Acme locations to the discount format.
SuperValu also announced it's plans to reduce store inventory by 25%. The Wall Street Journal has an interesting article on the subject but it's a little tricky to get to... click here and then click "Read entire article>>>" below the synopsis.
Posted by Acme Style