U.S. grocer SuperValu has reported a net loss of $1.5 billion for the fiscal year ended February 26. This compares to a net profit of $393 million reported in 2010. Net sales declined by 7.5% to $37.5 billion, with food accounting for 77% of the total. Food retail sales declined by 8.6% to $28.9 billion for the full year.For the fourth quarter, net sales amounted to $6.7 billion, compared to the $7.2 billion reported in the same period last year. The retailer attributed the decline to a -5% decline in identical store sales, store closures and market exits.
In fiscal 2012, the retailer expects net sales to be approximately $37.5 billion while identical store sales are forecasted to be in the -2.5 to -1.5% range.
Capital spending is projected to be approximately $700-750 million, which will include 55 to 75 store remodels and 210 hard discount stores, including licensed locations. No new traditional retail stores are planned for fiscal 2012.
Source: Planet Retail
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