The 2020 Mid-Year Economic Update_long

SUPERVALU Acquires Associated Grocers of Florida

Company reports second quarter sales up 35.5 percent year-over-year.

SUPERVALU Inc. (NYSE: SVU), Minneapolis, MN, has acquired Associated Grocers of Florida Inc., Pompano Beach, FL, for $180 million. The acquisition expands SUPERVALU's operations into south Florida. Associated Grocers' revenues were $650 million in the last fiscal year.

SUPERVALU Inc. reported sales for the fiscal second quarter ended Sept. 9 of $3.8 billion, an increase of 35.5 percent year-over-year. The company reported a loss of $25 million, compared to a profit of $ 31 million the prior year. 

Second quarter wholesale net sales were $2.7 billion, an increase of 58 percent year-over-year. The net sales increase is primarily due to sales from the acquired Unified Grocers business, sales to new customers and increased sales to new stores operated by existing customers, partially offset by stores no longer being supplied by Supervalu and lower military sales.

Year-to-date sales were $7.8 billion, an increase of 18.8 percent year-over-year. The company reported a loss of $14 million compared to a profit of $77 million the prior year.

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