Supervalu fiscal 2Q profit falls 42 percent
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Grocery chain Supervalu says its fiscal second-quarter profit tumbled 42 percent due to lower food prices, deep discounting to draw shoppers and previously announced store closings.
The operator of Albertsons and Jewel-Osco reported Tuesday that it earned $74 million for the quarter. That's down from $128 million in the same quarter last year.
Revenue fell 7.5 percent to $9.46 billion.
Supervalu has been hurt in recent quarters as competition has heated up during the recession for shoppers who are cutting their spending on even essentials such as food.
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