Shares in US supermarket group Supervalu rose 11.2% in morning trade today (23 April) after the group posted lower than expected losses.
Supervalu reported a full-year net loss of US$2.9bn, or $13.51 a share, down from net earnings of $593m, or $2.76 per share, the previous year.
The company said profits were hit by charges of $3.8bn, or $16.40 per share, relating to the closure of non-strategic stores, settlement costs relating to a litigation matter and one-time expenses related to its acquisition of Albertsons.
Supervalu saw a fourth-quarter net loss of $201m, or $0.95 per share, compared with a year-ago profit of $156m, or $0.73 per share.
Excluding charges and one-time items, net earnings totaled $615m, or $2.89 per share.
Sales were slightly up on the year, rising to $44.6bn from $44bn last year.
Shares in the company rose to $16.67 at 5.30pm GMT.
