The shares of SUPERVALU INC. (NYSE:SVU) are trading higher in the late morning today, April 23rd, after the company reported profit for its fourth quarter fiscal 2014. The stock price of the company climbed more than 3% to $6.99 per share at the time of this writing, around 11:55 a.m. in New York.
Supervalu financial results
Based on its financial statement, SUPERVALU INC. (NYSE:SVU) generated a $36 million net earnings or $0.10 per diluted share on $3.95 billion revenue for its fiscal quarter that ended February 22.
During the same period a year ago, the company reported $1.4 billion net losses or $6.65 losses per diluted share and $3.89 billion revenue.
Sam Duncan, president and CEO of SUPERVALU INC. (NYSE:SVU) said, “Fiscal 2014 was an important transition year for SUPERVALU as we stabilized the organization and set the foundation for our future. 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’s identical store sales in Save-A-Lot network rose 2.1% and its identical store sales for corporate stores within its Save-A-Lot network went up 3.5%. Its identical store sales in Retail Food segment climbed 0.2% while its Independent Business segment declined 0.6%.
SUPERVALU INC. (NYSE:SVU) earned $46 million in fees under the Transition Services Agreements (TSA) during the quarter, up from $9 million a year earlier. According to the company, its selling and administrative expenses during the period were $471 million or 11.9% of net sales including $8 million in pre-tax employee severance costs.
During the same period a year ago, the company’s selling and administrative expenses were higher at $760 million or 19.5%. SUPERVALU INC. (NYSE:SVU) explained the decline was due to the benefits of its cost reduction initiatives and lower surplus property chargers. Its income tax expense was $24 million or 38.2% of pre-tax earnings for the quarter.
Discontinued Operations
SUPERVALU INC. (NYSE:SVU) completed the sale of Albertsons Acme, Jewel-Osco, Shaw’s and Star Market grocery banners on May 21, 2013. The company presented the results from the five banners as discontinued operations.
