US retailer Supervalu has upped its earnings forecast for the year ahead after reporting record results over the last 12 months.

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Supervalu, which owns 2,500 stores in the US, said yesterday (19 April) that its earnings per share guidance for fiscal 2008 is US$2.68-2.87, up from $2.58-2.77.


Chairman and CEO Jeff Noddle said the revised forecast equated to “another year of double-digit earnings growth”.


Noddle said: “We are very well-positioned for the next stage of growth as we implement initiatives designed to further deliver the economics of the acquisition by leveraging our competencies in both retail and supply chain.”


Noddle was speaking after Supervalu reported record annual net earnings of $452m, more than double its profits the year before. A first-time contribution from 2006 acquisition Albertson’s boosted profits last year, Supervalu said.

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Turnover almost doubled, reaching $37.4bn, compared to $19.9m a year earlier.