Supervalu Profits Beat Street Despite Loss

The decline in restaurant business helped supermarket operator Supervalu(SVU Quote) beat Wall Street expectations in the fourth quarter, despite posting a loss.

Shares soared 13% to $16.97 in afternoon trading after the company reported a loss of $201 million, or 95 cents a share, compared with a profit of $156 million, or 73 cents a share, last year. Results included charges of $1.17 per share to write down the value of some assets and 58 cents for store closures, as well as settlement costs of 7 cents.

Excluding charges, the company earned 87 cents a share. Analysts expected earnings of 79 cents. ...