Supervalu profit plummets in Q1 on lost tax benefit

Eden Prairie, Minn. – The loss of a large tax benefit caused Supervalu’s net income to plummet 49% in the first quarter of fiscal 2015 to $43 million from $85 million in the year-ago period.

Revenue slipped to $5.23 billion from $5.24 billion.

After-tax charges and costs for employee severance and debt financing activities also impacted net income results. Supervalu still managed to meet Wall Street expectations for net income and beat expectations for revenue, and president/CEO Sam Duncan struck a positive tone in his comments.

"Fiscal 2015 is off to a solid start across our business segments,” said Duncan. “Our first quarter results reflect the investments we are making this year to position the company for future success and I am pleased with our operating performance.”

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