Supervalu Q4 net earnings $26 million
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.
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.
Gross profit for the fourth quarter was $590 million, or 14.9 percent of net sales. Last year’s fourth quarter gross profit was $557 million, or 14.3 percent of net sales. The increase in gross profit compared to last year was primarily driven by incremental fees earned under the TSA and the benefits of lower infrastructure costs partly offset by incremental investments to lower prices to customers. ■