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SUPERVALU INC. (NYSE: SVU) today reported second quarter fiscal 2014 net sales of $3.95 billion and net earnings of $40 million, or $0.15 per diluted share.
Net earnings from continuing operations for the second quarter of fiscal 2014 was $39 million, or $0.15 per diluted share, and included $9 million in after-tax income related to the previous sale of a distribution center and a $3 million after-tax charge related to a legal settlement. When adjusted for these items, second quarter fiscal 2014 net earnings from continuing operations was $33 million, or $0.13 per diluted share. Net loss from continuing operations for last year’s second quarter was $56 million, or $0.26 per diluted share, which included $36 million in after-tax charges primarily related to the write-off of unamortized loan costs, asset impairments, and store closures. When adjusted for these items, last year’s second quarter net loss from continuing operations was $20 million, or $0.09 per diluted share. Net income from discontinued operations in the second quarter of fiscal 2014 was $1 million. [See tables 1-4 for a reconciliation of GAAP and non-GAAP (adjusted) results appearing in this release.]
“Similar to what we outlined in the first quarter, we remain focused on delivering steady improvements in our business each and every quarter,” said Sam Duncan, SUPERVALU’s president and chief executive officer. “While our end goal won’t be achieved overnight, I am encouraged with our results this quarter and, more importantly, the way we are achieving these results by building a strong foundation that is focused on our customers.”
Second Quarter Results – Continuing Operations
Second quarter net sales were $3.95 billion compared to $3.94 billion last year, an increase of 0.2 percent. Net sales for all periods now include fees earned under the transition services agreements (“TSA”) with Albertsons LLC and New Albertsons, Inc. Fees earned in the second quarter were $62 million compared to $10 million last year. Total sales within the Independent Business segment decreased 1.6%. Identical store sales in the Save-A-Lot network were negative 0.3 percent. Identical store sales for corporate stores within the Save-A-Lot network were positive 4.6 percent. Identical store sales in the Retail Food segment were negative 0.9 percent.