8 pm: 48°FSunny

10 pm: 43°FClear

12 am: 40°FClear

2 am: 36°FClear

More Weather

Supervalu trims operations, grows profit

Jan. 10, 2014 @ 07:13 AM

NEW YORK — Shares of Supervalu rose Thursday after the grocery store operator reported a higher quarterly profit less than a year after trimming its operations.

The Minneapolis-based com­pany had sold five of its chains — including Albertson’s and Jewel-Osco — to focus on Save­A-Lot and smaller regional chains amid intensifying com­petition in the supermarket industry.

At Save-A-Lot stores open at least a year, the company said sales rose 1.7 percent during the period and cost-cutting helped boost operating earnings.

For the period ending Nov. 30, the company says it earned 31 million, or 12 cents per share. That’s compared with $16 mil­lion, or 8 cents per share, a year ago.

Excluding one-time items, Supervalu Inc. said it earned 13 cents per share. That was a penny shy of Wall Street esti­mates, according to FactSet.

Ky. Distillers’ Association selects new chairman

FRANKFORT, Ky. — An executive at Heaven Hill Dis­tilleries has become chairman of the Kentucky Distillers’ Association.

The group says Joe Fra­ser will serve in the position through December of this year.

Fraser is vice president of operations at Heaven Hill.

Fraser says he’s assuming the position at a time when the bourbon and distilled spir­its industry is in the midst of unprecedented growth. But he says the industry faces chal­lenges that include tax and trade issues.

The KDA’s board of direc­tors selected officers during its recent annual meeting.

The KDA says Kentucky pro­duces 95 percent of the world’s bourbon, and the 4.9 million barrels of aging bourbon in this state outnumber the popula­tion here.

Retailers of all stripes singing holiday blues

NEW YORK — Several major retailers slashed their fiscal fourth-quarter profit forecasts this week in the lat­est sign that Americans didn’t spend briskly during the holi­day season.

American Eagle Outfitters and Bed Bath & Beyond are among seven retail chains that have cut their expectations for their fiscal fourth quarter, which includes the holiday shopping season.

During the holidays, many Americans were contending with the effects of a shaky eco­nomic recovery. Snowstorms across the country also kept some shoppers home. And the season was six days shorter, which meant less time to shop.

Retailers discounted early and often to attract shoppers. The discounts got people to spend, but the price cuts ate away at retailers’ profits.

(u'addcomment',)

Comments

The Herald-Dispatch welcomes your comments on this article, but please be civil. Avoid profanity, obscenity, personal attacks, accusations of criminal activity, name-calling or insults to the other posters. Herald-dispatch.com does not control or monitor comments as they are posted, but if you find a comment offensive or uncivil, hover your mouse over the comment and click the X that appears in the upper right of the comment. If you do not want your comment to post to your personal Facebook page, uncheck the box below the comment.