WEST BRIDGEWATER, Mass. – Supervalu Inc., the grocery conglomerate that owns Shaw’s Supermarkets, said its second-quarter profit declined 42 percent as the company cut food prices, pushed discounts and closed stores.

Supervalu posted a profit of $74 million, or 35 cents a share, in the quarter that ended Sept. 12, down from $128 million, or 60 cents a share, a year earlier. Sales fell 7.5 percent to $9.46 billion.

The results nevertheless beat Wall Street’s expectations. Analysts surveyed by Thomson Reuters had forecast earnings of 33 cents on $9.65 billion in sales.

Supervalu cut its profit forecast for the year to between $2.01 and $2.11 a share, a reduction from the $2.21 originally estimated. The company’s board also said it will reduce its dividend from 17.5 cents a share to 8.75 cents in March.

Supervalu owns about 2,500 grocery stores nationwide under 19 brands, including Shaw’s, Star Market, Albertsons and Jewel-Osco. The company said it expects same-store sales, a key indicator of retail health, to fall about 4 percent this year.

Additional information is available at Supervalu.com.