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EDEN PRAIRIE, Minn. — Supervalu Inc. swung to a profit in its fiscal fourth quarter as the grocery chain operator continued to show improved financial results following a restructuring.
Supervalu Inc. swung to a profit in its fiscal fourth quarter as the grocery chain operator continued to show improved financial results following a restructuring.
Last year the company sold off five of its supermarket chains and eliminated more than one-fifth of its corporate headquarters jobs to better focus on Save-A-Lot and smaller regional chains.
"Fiscal 2014 was an important transition year for Supervalu, as we stabilized the organization and set the foundation for our future," president and chief executive officer Sam Duncan said in a statement. "I am pleased with the direction of our business segments and look forward to the new fiscal year, where we can focus our attention on driving sales growth across the organization."
The company earned $26 million, or 10 cents per share, in the three months through February 22. That contrasts to a loss of $1.4 billion, or $6.65 per share, a year earlier.
The company recorded $8 million in costs and charges during the quarter, down from $149 million in the same period last year.
Revenue rose 1% in the period to $3.95 billion.
Sales at Save-A-Lot stores open at least a year rose 2.1% in the quarter.
Fourth quarter sales at Supervalu’s grocery distribution unit, which supplies independent grocers as well as the company’s own stores, slipped to $1.82 billion from $1.83 billion a year earlier. Company officials cited the loss of two customers and a decline in sales to the military.
For the full year, Supervalu earned $182 million, or 70 cents a share, contrasted to a loss of $1.47 billion, or $6.91 per share, in the preceding year.
Adjusted earnings from continuing operations were 58 cents per share, the company said, and annual revenue was up marginally to $17.16 billion.
