SuperValu Sales, Earnings Soft In Q2Wednesday October 21st, 2015 - 12:37PM
These are shortcuts to your favorite social networking and bookmark sites. Add this story to your Facebook page, del.icio.us, DiggIt, and many others!
SuperValu posted soft sales and earnings in its second quarter, following recent announcements of the company's CEO retiring at the end of the fiscal year, and a potential Save-A-Lot business spin-off. For the second quarter ended September 12, SuperValu posted net earnings of $31 million, or 11 cents per diluted share, equal to the same period a year prior. According to SuperValu, earnings for the last completed quarter included $6 million in after-tax costs related to the potential separation of the Save-A-Lot operation and severance payments, so adjusted earnings from continuing operations were $37 million, or 13 cents per diluted share. Earnings per diluted share missed a Zacks Investment Research analyst average estimate by a penny. Net earnings from continuing operations for the 2014 second quarter included $1 million in after-tax information technology intrusion costs. As a result, adjusted earnings from continuing operations were $32 million, or 11 cents per diluted share, SuperValu stated. Sales were reported at $4.06 billion versus $4.04 billion in the year-earlier quarter, SuperValu reported, while operating earnings were $94 million, essentially flat with those in the 2014 period. Second quarter Save-A-Lot net sales were $1.09 billion versus $1.06 billion in last year's period, reflecting the impact of new store openings. Identical store sales were down 1.6%. Save-A-Lot operating earnings were $32 million versus $26 million in the year-earlier quarter, driven up primarily by higher base margins and lower logistics costs, SuperValu noted. Second quarter independent business distribution operations generated net sales of $1.83 billion versus $1.84 billion in last year's period, SuperValu said, as the company did less business with existing customers partly offset by revenues from new stores. Independent business operating earnings in the second quarter were $49 million versus $54 million in the previous year's quarter, SuperValu added. "I'm pleased that we increased adjusted EBITDA in the second quarter compared to last year in spite of several operating headwinds," said SuperValu president and CEO Sam Duncan. "Our focus remains on driving sales across all three segments and finishing the year strong." SuperValu's network of 3,395 stores is composed of 1,854 independent stores, 1,342 Save-A-Lot stores and 199 traditional retail grocery stores. Tags: supervalu • save-a-lot • sales • revenues • earnings • income • identical store sales • second quarter • supermarket • grocery • Housewares • Retail • Financials •
« Go Back
« Printer Friendly
|
| 
| | 
| 
| 
| 
| 
| | 
| 
Steven Temares
With retailers already promoting like it’s the weekend before Christmas, it’s hard to look past the next three months. But now is actually when the first half of 2016 should start coming into focus, especially for tabletop and furniture companies at the New York and High Point markets.
