S&P 500 (NYSE:SPY) component SUPERVALU Inc. (NYSE: SVU) posted lower net income in the fourth quarter compared with a year-earlier period. This was attributed to higher costs. SUPERVALU INC. operates as a grocery retailer in the United States.
SUPERVALU INC (NYSE: SVU) Earnings Cheat Sheet for the Fourth Quarter
Revenue: Fell 5.9% to $8.66 billion YoY.
Actual vs. Wall St. Expectations: SVU beat the mean analyst estimate of 34 cents/share. Estimates ranged from 30 cents to 41 cents.
Quoting Management: “In the fourth quarter, our transformation initiatives helped us execute more effective promotions that contributed to stronger than anticipated results,” said Craig Herkert, SUPERVALU’s chief executive officer and president. “This provides us a foundation to continue to deliver upon our business transformation plan as we move into fiscal 2012.”
SVU’s profit in the latest quarter follows losses in the previous two quarters. The company reported a net loss of $202 million in the third quarter and a loss of $1.47 billion in the second quarter.
Over the last five quarters, revenue has fallen an average of 8.9% year over year. The biggest drop came in the fourth quarter of the last fiscal year, when revenue fell 14.9% from the year earlier quarter.
Today’s Performance: Shares of SVU are trading at $10.35 as of April 14, 2011 at 11:15 AM ET, up 13.8% from the previous closing price of $10.20.