Minneapolis – SuperValu Inc. swung to a profit in the fourth quarter of fiscal 2014 from a net loss in the fourth quarter of the prior fiscal year. Net earnings were a better-than-expected $26 million, compared to a net loss of $1.41 billion a year earlier.
In addition, net sales rose 1.4% to $3.95 billion from $3.9 billion and same-store sales increased 3.5%. The substantial improvement in profits partially resulted from a significant decrease in charges and costs.
For the full fiscal year 2014, net earnings were $182 million compared to a net loss of $1.47 billion in the previous fiscal year. Net sales slightly rose from $17.14 billion to $17.15 billion.
"Fiscal 2014 was an important transition year for Supervalu as we stabilized the organization and set the foundation for our future,” said president and CEO Sam Duncan. “I am pleased with the direction of our business segments and look forward to the new fiscal year where we can focus our attention on driving sales growth across the organization.”