Business

Jewel-Osco owner Supervalu's 4Q net income slips on softer sales

Posted April 13, 2011 11:00 pm

Associated Press

MINNEAPOLIS — Grocer Supervalu Inc.'s fiscal fourth-quarter net income dipped 2 percent, partly weighed down by softer sales and store closings.

The earnings topped Wall Street expectations. Supervalu's stock surged $1.42, or 16 percent, to $10.50 in premarket trading.

The operator of Albertsons, Jewel-Osco and other supermarket chains also provided a 2012 earnings outlook on Thursday in range of Wall Street's expectations.

Supervalu earned $95 million, or 44 cents per share, compared with $97 million, or 46 cents per share, a year ago.

Revenue for the period ended Feb. 26 fell 6 percent to $8.66 billion.

Analysts forecast earnings of 33 cents per share on revenue of $8.73 billion for the Eden Prairie, Minn., company.

Supervalu anticipates 2012 earnings of $1.20 to $1.40 per share. Analysts expect $1.27 per share

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