MINNEAPOLIS (AP) — Supervalu returned to a profit in its fiscal second quarter after posting a loss in the same period a year ago due to a large charge.
Its adjusted profit and revenue beat analysts' expectations. Shares climbed more than 6 percent premarket trading Thursday.
The grocer earned $40 million, or 15 cents per share, for the period ended Sept. 7. That compares with a loss of $111 million, or 52 cents per share, a year ago.
Taking out a charge related to a legal settlement and after-tax income tied to the sale of distribution center, earnings from continuing operations were 13 cents per share.
Analysts, on average, expected earnings of 12 cents per share, according to a FactSet survey.
Supervalu's stock rose 57 cents, or 6.8 percent, to $8.87 in premarket trading about 90 minutes ahead of the market opening.
The prior-year period had included $36 million in charges mostly related to store closings, asset impairments and a write-off of some loans costs.
Supervalu has been shedding some businesses in a bid to offset declining sales and overcome intensifying competition. Earlier in the year it sold five of its chains to an investor group for $3.3 billion, including debt.
Cut pounds of stomach fat every week by using this 1 weird old tip.