Selling and administrative expenses in the second quarter were $1.69 billion, or 21.0 percent of net sales, including $87 million in net pre-tax charges primarily related to store closures, asset impairments, and employee-related costs partially offset by the gain on sale of assets. Excluding these items, selling and administrative costs were $1.60 billion, or 19.9 percent of net sales, including an approximate 30 basis point negative impact from lower fuel sales. In the second quarter of fiscal 2012, selling and administrative costs were $1.66 billion, or 19.7 percent of net sales last year. The 10 basis point decrease in the adjusted selling and administrative expense rate as a percent of net sales in the second quarter of fiscal 2013 reflects a change in business mix which was partly offset by the impact of higher corporate reserves related to surplus properties.Net interest expense for the second quarter was $141 million and included $22 million in pre-tax charges related to writing-off the unamortized loan costs associated with the Company’s previous senior secured credit facility. Excluding this charge, net interest expense was $119 million. In the second quarter of fiscal 2012, net interest expense was $120 million. During the quarter, the Company refinanced its senior secured credit facilities with a $1.65 billion asset-based revolving credit facility and an $850 million term loan, secured by a portion of the Company’s real estate and equipment.
SUPERVALU Announces Second Quarter Fiscal 2013 Results
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