SUPERVALU INC. (NYSE: SVU) today reported fourth quarter fiscal 2014 net sales of $3.95 billion and net earnings of $26 million, or $0.10 per diluted share.
Net earnings from continuing operations for the fourth quarter of fiscal 2014 were $40 million, or $0.15 per diluted share, and included $8 million in after-tax net costs and charges primarily for employee severance and debt financing activities. When adjusted for these items, fourth quarter fiscal 2014 net earnings from continuing operations were $48 million, or $0.18 per diluted share. Net loss from continuing operations for last year’s fourth quarter was $174 million, or $0.82 per diluted share, and included $149 million in after-tax costs and charges primarily for non-cash asset impairments and employee severance. When adjusted for these items, fourth quarter fiscal 2013 net loss from continuing operations was $25 million, or $0.11 per diluted share. Net loss from discontinued operations in the fourth quarter of fiscal 2014 was $14 million. [See tables 1-4 for a reconciliation of GAAP and non-GAAP (adjusted) results appearing in this release.]
"Fiscal 2014 was an important transition year for SUPERVALU as we stabilized the organization and set the foundation for our future,” said President and CEO Sam Duncan. “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.”
Fourth Quarter Results – Continuing Operations
Fourth quarter net sales were $3.95 billion compared to $3.90 billion last year, an increase of 1.4 percent. Identical store sales in the Save-A-Lot network were positive 2.1 percent. Identical store sales for corporate stores within the Save-A-Lot network were positive 3.5 percent. Identical store sales in the Retail Food segment were positive 0.2 percent. Total sales within the Independent Business segment decreased 0.6 percent. Fees earned under the Transition Services Agreements (“TSA”) in the fourth quarter were $46 million compared to $9 million last year.