Supervalu Inc has reported results for the fourth quarter of fiscal 2003, which ended Feb 22, 2003. The Minneapolis MN-based retail grocery chain had net sales of $4.6 billion compared with $4.5 billion in the same period a year ago. Net earnings totaled $63.9 million versus $32.8 million the year before.
Jeff Noddle, Supervalu chairman and chief executive officer said, “Unquestionably, the economy continued to weaken during the year and dealt us a difficult hand. While we did not reach our original goal for the quarter, we stayed true to our long-term strategies and maintained financial flexibility. By reducing planned capital spending and managing working capital requirements, we significantly improved our debt-to-capital ratio by more than 200 basis points for the year.”
Fiscal 2003 net earnings include restructure and other charges of $1.8 million. Included in fiscal 2002 net earnings are restructure and other charges of $27.7 million, other items of $7.5 million, and goodwill amortization of $11.6 million.
For the full year, the firm reported fiscal 2003 net sales of $19.2 billion compared with $20.3 billion a year ago. Net earnings were $257.0 million versus $198.3 million for fiscal 2002.