Albertsons boosts Supervalu profit

Minneapolis, Minnesota: Supervalu has reported a 70% increase in first-quarter net profit to $148m (£71.7m) on sales up 129% to $13.3bn (£6.4bn). The figures were boosted by Supervalu's acquisition of Albertsons in January last year. Like-for-like sales in Albertsons stores acquired by Supervalu rose 1.7% during the quarter but sales fell 0.4% in Supervalu's existing store portfolio. "As we pass the one-year mark of the acquisition of Albertsons, we are on track," said Jeff Noddle, chairman and CEO.