Supervalu Q3 Profit Rises - Quick Facts

(RTTNews) - Grocery retailer Supervalu, Inc. (SVU) reported third quarter fiscal 2014 net earnings of $31 million or $0.12 per share, up from $16 million or $0.08 per share in the year ago quarter.

Net earnings from continuing operations for the third quarter of fiscal 2014 were $32 million or $0.12 per 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.

Net loss from continuing operations for last year's third quarter was $15 million, or $0.07 per 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 certain items, third quarter fiscal 2014 net earnings from continuing operations were $35 million, or $0.13 per share, compared to net loss from continuing operations of $14 million, or $0.07 per share last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.13 per share. Analysts' estimates typically exclude special items.

Third quarter net sales were $4.01 billion compared to $4.05 billion last year, a decrease of 1.0 percent. Ten analysts estimated revenues of $4.05 billion for the quarter.

On January 10, 2013, the company announced it had reached a definitive agreement for the sale of five retail grocery banners (Albertsons, Acme, Jewel-Osco, Shaw's and Star Market). This transaction was completed on March 21, 2013.