US supermarket group Supervalu Inc returned to the black in its fiscal fourth quarter despite a challenging consumer environment and falling sales.
The company said today (20 April) that it saw fourth-quarter profits rise to US$97m, from a loss of $201m in the comparable period of last year when it booked one-time pre-tax charges of $498m.
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During the period ended 27 February, the company said sales fell 14.9% to $9.2bn as consumers reduced their spending and the group focused on lowering prices.
For the full year, the company posted net income of $393m on net sales of $40.6bn.
Looking to fiscal 2011, Supervalu said that it expects EPS to fall in a range of $1.65-1.85, including $0.10 per share in additional charges.
For the full release from Supervalu click here. Click here for comments from Supervalu CEO Craig Herkert on the company’s sales targets and on demand for own label in the US.
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