Supervalu, Jennifer Convertibles Post Results
Minneapolis, Supervalu Inc. reported net earnings of $64.9 million in its third quarter ended Dec. 4, up one-third year-over-year. The improvement came despite a 2.1% dip in net sales to $4.6 billion. For Supervalu’s retail food segment, same-store sales slipped 0.4% in the quarter.
In other earnings news, Jennifer Convertibles Inc. posted a net loss of $2.5 million, compared with a $1.7 million loss in the previous year. Revenues for the quarter were down 6.1% to $31.7 million, weighted down by a 7.5% decrease in same-store sales. Jennifer Convertibles attributed the weak showing to deflationary pressures in the furniture industry caused by a supply shift to China.