Supervalu Turns To Profit In Q2 - Quick Facts

(RTTNews) - Supervalu Inc. (SVU) reported second quarter fiscal 2014 net earnings of $40 million, or $0.15 per share, compared to a loss of $111 million or $0.52 per share in the year ago quarter.

Net earnings from continuing operations for the second quarter of fiscal 2014 was $39 million, or $0.15 per share, compared to net loss from continuing operations was $56 million, or $0.26 per share in last year's second quarter.

The latest-quarter 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. The prior year result included $36 million in after-tax charges primarily related to the write-off of unamortized loan costs, asset impairments, and store closures.

Adjusted net earnings from continuing operations for the quarter was $33 million, or $0.13 per share, compared to adjusted net loss from continuing operations of $20 million, or $0.09 per share in the prior year quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $0.10 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales from continuing Operations for the quarter 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 or "TSA" with Albertsons LLC and New Albertsons, Inc. Nine analysts had consensus revenue estimate of $3.88 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.