We’re still shopping thrifty at the grocery store, and that’s cutting into SuperValu‘s bottom line.
“My sense is the American consumer’s shopping habits have changed probably forever, certainly for a long time, and I don’t think we are going to wake up in a few months and everybody will be back to 2006,” SuperValu CEO Craig Herkert said, the Associated Press reports.
The grocers’ $2.1 billion profit for the three months ending Sept. 12 was lower than last year but better than analysts were forecasting, the company said in its statement.
One factor: The company’s margins are smaller because it’s relying on more frequent sales discounts and promotions to get us to buy their products.
One word.. Aldy’s