Supervalu sees stock bump on profits report

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Near the end of trading on Thursday, Supervalu shares soared by more than 17 percent. The boost came as the Eden Prairie grocery chain reported better-than-expected first quarter profits.

The Business Journal reports that the slimmed down company reported profits that were more than double what analysts anticipated. Although sales fell about 1.5 percent, they met Wall Street expectations.

The report is a strong rebound after Supervalu posted a net loss of 1.4 billion dollars in the fourth quarter last year.

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