UPDATE: Supervalu Reports Upbeat Q1 Profit; Shares Rise In Pre-Market

Supervalu Inc SVU reported a 10% rise in its first-quarter net income. Supervalu reported its quarterly earnings at $74 million, or $0.35 per share, up from $67 million, or $0.31 per share, in the year-ago period. Excluding charges for closing stores and a labor dispute, Supervalu's earnings came in at $0.43 per share. Supervalu's revenue gained 4% to $11.11 billion. Analysts were expecting earnings of $0.33 per share on revenue of $11.13 billion. Supervalu shares surged 5.40% to $8.98 in pre-market trading.