Supervalu reported that it earned $60 million, or 28 cents per share, for the fiscal quarter that ended September 10. That compares with a loss of $1.47 billion, or $6.94 per share, a year ago when it was dragged down goodwill, impairment charges and other items. Removing those items, earnings were flat year-over-year at 28 cents per share.Total revenue dropped 3% to $8.43 billion.
The results beat the 20 cents per share on revenue of $8.36 billion that analysts surveyed by FactSet expected.
Supervalu, which operates its namesake chain, Jewel-Osco, Albertsons and other supermarkets, said its retail food sales fell to $6.6 billion from $6.7 billion, mostly because it exited certain markets.
Revenue at stores open at least a year fell 1.8% compared to the prior year, but this measure has improved sequentially each quarter. This metric is a key gauge of a retailer's health because it excludes results from stores recently opened or closed.
The company now expects earnings between $1.20 and $1.30 per share for the 2012 fiscal year. Its prior guidance called for earnings in a range of $1.20 to $1.40 per share. The company's outlook assumes revenue of about $36.5 billion, down from a prior forecast of $37 billion. Analysts expect earnings of $1.21 per share on revenue of $36.51 billion.
Supervalu expects full-year revenue at stores open at least a year to be down 2-2.5%, excluding fuel.
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