• MarketWatch reports that Supervalu is saying that is first quarter same-store sales will be down three percent and that its Q1 earnings will be “substantially below” analysts’ estimates. Full first quarter results are to be reported on July 28.
According to the story, “To drive more store traffic, Supervalu has been boosting promotional activity, such as meals that cost $15 for families of four -- dubbed ‘415.’ It also has jacked up its investment in store-brand products, which sell for less than brand-name foods.”
• Rite Aid Corp. reported a first quarter loss of $98.4 million, an improvement over the $156.6 million loss reported during the same period a year ago. Revenue was down one percent to $6.53 billion, on same-store sales that were up 0.6 percent.
According to the story, “To drive more store traffic, Supervalu has been boosting promotional activity, such as meals that cost $15 for families of four -- dubbed ‘415.’ It also has jacked up its investment in store-brand products, which sell for less than brand-name foods.”
• Rite Aid Corp. reported a first quarter loss of $98.4 million, an improvement over the $156.6 million loss reported during the same period a year ago. Revenue was down one percent to $6.53 billion, on same-store sales that were up 0.6 percent.
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