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New Supervalu CEO Wayne Sales talked with analysts on a conference call last week after announcing second quarter earnings results and said that the company needed to return its focus to platforms that encouraged competitive pricing and taking costs out of the business – namely, its private label program.
When Eden Prairie, Minn.-based Supervalu last week announced that it posted lower-than-expected earnings and that its board was undergoing a strategic review of the company, the grocer had other announcements to make.
At its annual meeting with shareholders Tuesday in St. Louis, Supervalu CEO Craig Herkert told the audience that the past two years had “not been easy years for Supervalu. They did not meet our own or shareholders’ expectations.”
As Supervalu announced Wednesday that it would explore strategic options, including a sale of the company, after sluggish first-quarter sales, the question is whether the company will be around long enough for its private label program to help steady the ship.