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|SUPERVALU Outlines Building Blocks for the Future at Investor Conference|
MINNEAPOLIS--(BUSINESS WIRE)--Jan. 24, 2008--SUPERVALU INC. (NYSE: SVU) today outlined its building blocks for the future at an investor conference. The building blocks include "raising the bar" on in-store execution, investing in the retail store network with the Premium Fresh & Healthy remodel program, deploying innovative merchandising programs, increasing the company's "own" brand program, and utilizing relevant marketing programs for maximum customer impact.
Jeff Noddle, SUPERVALU chairman and chief executive officer told investors at its annual investor conference, "We have delivered strong financial performance while transforming the company for the future. We are executing our plans to generate long term profitable growth which includes delivering improved sales, allocating capital to fund our business opportunities, and improving our overall financial condition."
The company also provided investors with some additional information on one of its key initiatives, the Premium Fresh & Healthy remodel program. While still in its early phase, Noddle indicated that its remodeled stores are generating good results with healthy sales increases well above overall identical store sales growth. Noddle added, "We are pleased with our early remodel performance and plan to maintain our commitment to the important remodel program, increasing our major remodels in fiscal 2009 to 165 stores, up from fiscal 2008's 125 store remodels."
The company also announced that Yolanda Scharton, the vice president of investor relations and financial media will be leaving the company after more than eight years at the company. She will continue in her role until May 1st after which time she will consult with the company on special projects. A search for her successor will commence immediately. Commenting on her contributions, Noddle said, "Yolanda's strong relationship with the investment community has been a tremendous asset to the company for many years. Her strategic communication insight will be missed, and we wish her well in her future endeavors."
An archived webcast of the conference is available at http://investor.supervalu.com.
About SUPERVALU INC
SUPERVALU INC. is one of the largest companies in the United States grocery channel with estimated annual sales of approximately $44 billion. SUPERVALU holds leading market share positions across the U.S. with its approximately 2,450 retail grocery locations. Through SUPERVALU's nationwide supply chain network, the company provides distribution and related logistics support services to more than 5,000 grocery endpoints across the country. SUPERVALU currently has approximately 190,000 employees. For more information about SUPERVALU visit www.supervalu.com.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
Except for the historical and factual information contained herein, the matters set forth in this news release, particularly those pertaining to SUPERVALU's expectations or future operating results, statements as to the progress and expected benefits of the combination of the operations of Albertson's, Inc. that were acquired in June 2006 with those of SUPERVALU, such as efficiencies, cost savings, synergies, market profile and financial strength, and the competitive ability and position of the combined company, and other statements identified by words such as "estimates," "expects," "projects," "plans," and similar expressions are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including the possibility that the anticipated benefits from the acquisition cannot be fully realized or may take longer to realize than expected, the possibility that costs or difficulties related to the combination of Albertsons operations into SUPERVALU will be greater than expected, and the impact of competition, economic and industry conditions, security and food and drug safety issues, severe weather and natural disasters, escalating costs of providing employee benefits, and other labor relations issues including contract negotiations, expansion, liquidity, legal and administrative proceedings, regulatory and accounting matters, changes in operating conditions, and other risk factors relating to our business or industry as detailed from time to time in SUPERVALU's reports filed with the SEC. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, SUPERVALU undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.CONTACT: SUPERVALU INC.
Investors and Financial Media:
Yolanda Scharton, 952-828-4540
Jean Giese, 952-828-4939
SOURCE: SUPERVALU INC.