Supervalu reports Q4, fiscal 2010 results

MINNEAPOLIS Supervalu reported on Tuesday an increase in fourth-quarter and fiscal 2010 sales.

The nearly 4,300-store chain disclosed net earnings of $97 million, or 46 cents per diluted share, for the fourth quarter. Last year, the company reported a loss of $201 million, or 95 cents per share. Retail net sales dropped 15% $7.2 billion, compared with the year-ago period. Supervalu said the loss may be contributed to a last year's benefit of a 53-week period.

Meanwhile, Suprevalu reported full-year net sales for fiscal 2010 of $40.6 billion and net income of $393 million, or $1.85 per diluted share. It reported a loss of $2.86 billion, or $13.51 per share, in the previous year. Adjusted earnings were $2.03 per share.

The company said it expects to generate fiscal 2011 earnings per diluted share within a range of $1.65 to $1.85 and includes charges of about 10 cents per share, mostly related to exiting the Connecticut and Cincinnati markets during the first quarter, Supervalu said.