Supervalu retail sales drop in the quarter

MINNEAPOLIS Supervalu reported net sales of $10.4 billion for its fourth quarter of fiscal 2008, compared with net sales of $10.3 billion last year. The company reported net earnings of $156 million, an increase of 30% compared to $120 million last year, and diluted earnings per share of 73 cents, an increase of 28% compared to 57 cents last year.

Despite this growth, Supervalu reported that fourth quarter net sales in its retail segment actually declined from $8.1 billion from $8.2 billion last year, primarily reflecting the impact of store closures in the acquired operations combined with flat identical-store sales.

Jeff Noddle, Supervalu chairman and ceo said,"In fiscal 2008, we achieved many important milestones, including record net sales and earnings ... We are confident the steps we are taking in fiscal 2009 position us well to maximize the future potential of the company."

The company affirmed its fiscal 2009 earnings guidance range of $3.06 to $3.22 per diluted share on a GAAP basis.