WASHINGTON (dpa-AFX) - Grocery chain SUPERVALU Inc. (SVU) Thursday said net earnings attributable to the company declined to $43 million from last year's $85 million. Earnings per share dropped to $0.17 from $0.34.
On March 21, 2013, the company completed the sale of five retail grocery banners. The results from these banners are presented as discontinued operations.
The latest results included $2 million in after-tax charges and costs for employee severance and debt financing activities.
When adjusted for these items, first quarter fiscal 2015 net earnings from continuing operations were $50 million or $0.18 per share. First-quarter fiscal 2014 net earnings from continuing operations were $37 million or $0.14 per share.
On average, 14 analysts polled by Thomson Reuters expected earnings of $0.17 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales were $5.234 billion compared to $5.241 billion last year. Analysts expected revenues of $5.19 billion.
President and CEO Sam Duncan said, 'Fiscal 2015 is off to a solid start across our business segments. Our first quarter results reflect the investments we are making this year to position the company for future success and I am pleased with our operating performance.'
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