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SUPERVALU INC. (NYSE: SVU) today reported third quarter fiscal 2014 net sales of $4.01 billion and net earnings of $31 million, or $0.12 per diluted share.
Net earnings from continuing operations for the third quarter of fiscal 2014 were $32 million, or $0.12 per diluted share, and included $3 million in after-tax net charges and costs comprised of a multi-employer pension plan withdrawal charge, asset impairment, contract breakage, and other costs, offset in part by a gain from the sale of a property and the reduction of previously accrued severance costs. When adjusted for these items, third quarter fiscal 2014 net earnings from continuing operations were $35 million, or $0.13 per diluted share. Net loss from continuing operations for last year’s third quarter was $15 million, or $0.07 per diluted share, which included $1 million in after-tax net charges primarily related to store closure and severance charges offset in part by a gain related to a cash settlement from credit card companies. When adjusted for these items, last year’s third quarter net loss from continuing operations was $14 million, or $0.07 per diluted share. Net loss from discontinued operations in the third 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.]
"Although we are less than a year removed from the sale of five of our retail banners, SUPERVALU has made positive strides in all three of our business segments to better position the company for financial growth and improved shareholder value," said Sam Duncan. "Although we still have work to do to improve our sales trajectory, I am pleased with the accomplishments we made within our operations this quarter and look forward to completing my first fiscal year leading this company."
Third Quarter Results – Continuing Operations
Third quarter net sales were $4.01 billion compared to $4.05 billion last year, a decrease of 1.0 percent. Identical store sales in the Save-A-Lot network were positive 1.7 percent. Identical store sales for corporate stores within the Save-A-Lot network were positive 5.4 percent. Identical store sales in the Retail Food segment were negative 1.9 percent. Total sales within the Independent Business segment decreased 3.7 percent. Fees earned under the Transition Services Agreements (“TSA”) in the third quarter were $48 million compared to $10 million last year.