MINNEAPOLIS — Supervalu here said Tuesday it expects to continue to report negative same-store sales through next February, when its fiscal year ends, with comps projected to be between -1% and -2%.
It also estimated a sales decline for the year of about 1% — to a range of $35 billion to $35.5 billion — pending the loss of approximately $500 million in volume from the sale of the majority of its fuel centers.
For the fourth quarter, which ended Feb. 25, Supervalu reported a net loss of $424 million, compared with net income of $95 million a year ago, with sales dropping 5% to $8.2 billion and comparable-store sales in its retail division falling 1.9%. The loss included one-time impairment charges of $492 million after taxes, and $13 million in additional costs related to its previously announced staff reduction.
When adjusted for the one-time charges, fourth quarter net income totaled $81 million.
For the year the company had a loss of $1.04 billion, compared with a loss of $1.5 billion a year earlier, while sales fell 3.8% to $36.1 billion.
When adjusted for non-cash goodwill and intangible asset impairment charges of about $1.3 billion (after taxes) and the $13 million for staff reductions, Supervalu posted net income of $265 million for the year.