Supervalu (Acme, Save-A-Lot) reported earlier this week that it lost $424 million in the fourth quarter (which ended February 25), compared with a gain of $95 million for the same period last year. However, the news is good for some, as the company’s results beat Wall Street’s expectations.
More news (good or bad, depending on how you look at it):
- Fourth quarter sales of $8.23 billion were down from $8.66 billion last year.
- Same-store sales were negative 1.9%.
- Full year net sales were down $1.4 billion to $36.1 billion.
- Supervalu lost $1.04 billion for the year, which is better than last year, when it lost $1.51 billion.
CEO Craig Herkert said the company plans to remodel 100 stores in the coming year and add 50 Save-A-Lot stores.