Minneapolis – Supervalu Inc. beat Wall Street estimates with second quarter fiscal 2014 net earnings of $40 million, compared to a $111 million loss in the year-ago period.
The supermarket operator reported net sales of $3.95 billion, up 0.2% from $3.94 billion last year.
Same-store sales results varied by banner. Same-store sales in the Save-A-Lot network were negative 0.3, while same-store sales for corporate stores within the Save-A-Lot network were positive 4.6% and were negative 0.9% in the Retail Food segment.
Reduced operating costs resulting from Supervalu selling roughly 900 stores, or more than half its total, earlier this year were a major driver of the retailer’s improved performance.
“Similar to what we outlined in the first quarter, we remain focused on delivering steady improvements in our business each and every quarter,” said Sam Duncan, Supervalu’s president and CEO. “While our end goal won’t be achieved overnight, I am encouraged with our results this quarter and, more importantly, the way we are achieving these results by building a strong foundation that is focused on our customers.”