Supervalu swings to loss in year

by Staff
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MINNEAPOLIS — Softer sales and store closings contributed to a loss for Supervalu Inc. for the 2011 fiscal year.
For the year ended Feb. 26, the company suffered a loss of $1,510 million, which compared with earnings of $393 million during the previous year. Sales for the year were $34,534 million, down 8% from $40,597 million during the previous year.

For the fourth quarter ended Feb. 26, the company had earnings of $95 million, equal to 45c per share on the common stock, down 2% from $97 million, or 46c per share, during the same quarter of the previous year. Sales for the quarter were $8,660 million, down 6% from $9,205 million during the same quarter of the previous year.

“In the fourth quarter, our transformation initiatives helped us execute more effective promotions that contributed to stronger-than-anticipated results,” said Craig Herkert, chief executive officer and president. “This provides us a foundation to continue to deliver upon our business transformation plan as we move into fiscal 2012.”

The company expects fiscal 2012 earnings per diluted share to be in the range of $1.20 and $1.40.

“Today, we are aligned and working toward the common goal of delivering greater value to our customers,” Mr. Herkert said. “We enter fiscal 2012 with momentum, a solid plan and new capabilities to drive our business transformation, invest in price and deliver sequential improvement to ID sales.”

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