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TheStreet Open House

SUPERVALU Announces Second Quarter Fiscal 2013 Results

Stock quotes in this article: SVU

SUPERVALU INC. (NYSE: SVU) today reported second quarter fiscal 2013 net sales of $8.0 billion compared to $8.4 billion last year. The net loss for the second quarter totaled $111 million, or $0.52 per diluted share, including predominantly non-cash net charges of $111 million after-tax, or $0.52 per diluted share. These net charges are comprised of intangible asset impairment charges ($45 million after-tax, or $0.21 per diluted share), charges related to the previously announced store closures net of a gain on sale of assets ($25 million after-tax, or $0.12 per diluted share), other asset impairment charges ($23 million after-tax, or $0.11 per diluted share), the write-off of unamortized costs related to the senior secured credit facilities which were replaced by the recent debt refinancing ($14 million after-tax, or $0.06 per diluted share), and other employee-related costs ($4 million after-tax, or $0.02 per diluted share). When adjusted for these items, second quarter net earnings were $0.00 per diluted share compared to $60 million, or $0.28 per diluted share last year. [See table 1 for a reconciliation of GAAP (actual) and non-GAAP (adjusted) results appearing in this release]. Year-to-date net cash flows from operating activities were $415 million and EBITDA before charges for the 52 weeks ended September 8, 2012 was $1.65 billion.

“We have accomplished a number of important steps since I became president and chief executive officer mid-way through the second quarter, including the successful refinancing of our credit facility, restructuring our executive leadership team, and announcing the closure of 60 stores,” said Wayne Sales, SUPERVALU’s president, chief executive officer, and chairman. “Our team is aggressively focused on four key strategic imperatives necessary to improve our business: driving profitable retail sales, growing Save-A-Lot, building our network of successful independent retailers, and reducing costs. I am excited by the progress we have made in defining our key strategies and specific initiatives within each segment of our business.”

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