Supervalu net earnings slip in Q4
MINNEAPOLIS — Net earnings at Supervalu Inc. fell 14% to $36 million in the fourth quarter of fiscal 2014 from $42 million in the identical period a year earlier. Higher selling and administrative expenses, including store closure and benefit costs, helped reduce profits.
Net sales were $4.36 billion, 10% higher than $3.95 billion. The addition of a 53rd week in the fiscal year, strong performance at the Save-A-Lot and Retail Food banners, and a supply chain services agreement with the Haggen grocery chain in the Northwest helped boost sales performance.
“We finished the year with a strong quarter, highlighted by positive identical store sales at both Save-A-Lot and Retail Food as well as the transition of the first stores in our important new relationship with Haggen,” said president and CEO Sam Duncan. “Overall, fiscal 2015 was a year of strategic investment in all three of our business segments and I’m pleased with how these investments have positioned us for growth in fiscal 2016.”
During the full fiscal year, net income septupled to $700,000 from $100,000. Net sales increased 4% to $17.82 million from $17.15 million.
Hy-Vee launches online shopping service
A FAQ of the new service can be found here.