Slimmed-down Supervalu's profit nearly doubles

Thu Jan 9, 2014 7:20am EST

Jan 9 (Reuters) - Supervalu Inc's quarterly profit nearly doubled as it continued to benefit from cost savings after selling hundreds of underperforming grocery stores last year.

Shares in Minnesota-based Supervalu, which have more than doubled in value since the company announced the sale of 900 stores including its Albertsons chain about a year ago, were up 1 percent in premarket trading on Thursday.

Net income rose to $31 million, or 12 cents per share, in the third quarter ended Nov. 30, from $16 million, or 8 cents per share, a year ago.

Revenue fell marginally to $4.01 billion.

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