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Supervalu Results Reflect Supermarket Spin-Offs

In the first quarter of fiscal 2014, Supervalu Inc. posted net earnings of $85 million, or 34 cents per diluted share, versus $41 million, or 19 cents per diluted share, for the year-earlier period. Net loss from continuing operations was $105 million, or 43 cents per share, versus a net loss of $18 million, or eight cents per share, in last year’s quarter.

Net sales were $5.16 billion versus $5.24 billion in the year-prior quarter. Overall, identical store sales declined 3% for the Retail Food division, including Cub stores, and 1.9% for the value-oriented Save-A-Lot division.

On January 10, Supervalu announced it had reached a definitive agreement for the sale of five retail grocery banners, Albertsons, Acme, Jewel-Osco, Shaw’s and Star Market, in a transaction completed on March 21. The contribution from these banners represent discontinued operations for all periods and include the operating revenue and charges related to stores sold, which impacted bottom line results.