The company reported net income of $85 million for the quarter, on $5.16 billion in sales, down 1.5% from a year ago.
Net loss from continuing operations for the first quarter was $105 million, and included $139 million in after-tax charges. When adjusted for these charges, first quarter net earnings from continuing operations was $34 million. In the year-ago first quarter, the net loss from continuing operations was $18 million.
“Our first quarter was highlighted by a renewed focus on driving sales and cash in all segments of our business and I’m pleased with the progress we made, especially the sequential improvement in sales trends from the fourth quarter of fiscal 2013 in each of our business segments,” said Sam Duncan, Supervalu’s president and chief executive officer. “We have a good foundation, strong leadership team, improved debt maturity profile, and achievable goals across each operating segment.”
Sales in the wholesale division were down 0.6%, to $2.46 billion. First quarter Save-A-Lot sales were $1.27 billion, down 1.6%. First-quarter retail food sales were $1.43 billion, down 2.9%.
In March the company sold its Albertsons, Jewel-Osco, Acme and Shaw's/Star Market banners to a private equity consotrium led by Cerberus Capital Management.
|Suggested Categories||More from Supermarketnews|