- Consolidated operating earnings of
$94 million for Q2 fiscal 2016
- Adjusted EBITDA of $166 million for
Q2 fiscal 2016
- Save-A-Lot sales, operating earnings
and Adjusted EBITDA increase over last year's second quarter
- Ninth consecutive quarter of
positive Save-A-Lot corporate stores ID sales
SUPERVALU INC. (NYSE:SVU) today reported second quarter fiscal
2016 net sales of $4.06 billion and net earnings from continuing
operations of $31 million, or $0.11 per diluted share, which
included $6 million in after-tax costs related to the potential
separation of Save-A-Lot and severance costs. When adjusted for
these items, second quarter fiscal 2016 net earnings from
continuing operations were $37 million, or $0.13 per diluted
share.
Net earnings from continuing operations for last year’s second
quarter were $31 million, or $0.11 per diluted share, which
included $1 million in after-tax information technology
intrusion costs. When adjusted for this item, second quarter fiscal
2015 net earnings from continuing operations were $32 million, or
$0.11 per diluted share. [See tables 1-5 for a reconciliation of
GAAP and non-GAAP (adjusted) results appearing in this
release.]
"I'm pleased that we increased adjusted EBITDA in the second
quarter compared to last year in spite of several operating
headwinds," said President and CEO Sam Duncan. "Our focus remains
on driving sales across all three segments and finishing the year
strong."
Second Quarter Results - Continuing Operations
Second quarter net sales were $4.06 billion compared to $4.04
billion last year, an increase of $21 million or 0.5 percent.
Save-A-Lot network identical store sales were negative 1.6 percent.
Identical store sales for corporate stores within the Save-A-Lot
network were positive 0.9 percent. Retail Food segment identical
store sales were negative 3.3 percent. Total net sales within the
Independent Business segment decreased 0.2 percent. Fees earned
under transition services agreements (“TSAs”) in the second quarter
were $48 million compared to $44 million last year.
Gross profit for the second quarter was $583 million, or 14.4
percent of net sales. Last year’s second quarter gross profit was
$574 million, or 14.2 percent of net sales. The increase in gross
profit rate compared to last year was primarily driven by higher
base margins across all three segments, lower logistics costs, and
higher TSA fees partially offset by higher levels of shrink.
Selling and administrative expenses in the second quarter were
$489 million and included $4 million of costs related to the
potential separation of Save-A-Lot and $4 million of severance
costs. When adjusted for these items, selling and administrative
costs were $481 million, or 11.9 percent of net sales. Selling and
administrative expenses in last year’s second quarter were $480
million and included $1 million in pre-tax information
technology intrusion costs. When adjusted for this item, last
year's selling and administrative expenses were $479 million, or
11.9 percent of net sales.
Net interest expense for the second quarter was $44 million
compared to $46 million in last year's second quarter.
SUPERVALU’s income tax expense was $19 million, or 40.0 percent
of pre-tax earnings, for the second quarter, compared to $18
million, or 36.9 percent of pre-tax earnings in last year’s second
quarter. The change in the effective tax rate is primarily due to
an unfavorable mix of income in state taxing jurisdictions.
Independent Business
Second quarter Independent Business net sales were $1.83
billion, compared to $1.84 billion last year, a decrease of 0.2
percent. The decrease is primarily due to lower sales to existing
customers and lost stores, partially offset by sales from new
stores with existing customers and new customers.
Independent Business operating earnings in the second quarter
were $49 million, or 2.7 percent of net sales. Last year’s
Independent Business operating earnings in the second quarter were
$54 million, or 2.9 percent of net sales. The decrease in
Independent Business operating earnings was driven by higher
employee costs related to new business activity.
Save-A-Lot
Second quarter Save-A-Lot net sales were $1.09 billion, compared
to $1.06 billion last year, an increase of 3.2 percent. The sales
increase reflects the impact of new store openings. Identical store
sales within the Save-A-Lot network were negative 1.6 percent.
Save-A-Lot operating earnings in the second quarter were $32
million, or 3.0 percent of net sales. Last year’s Save-A-Lot
operating earnings in the second quarter were $26 million, or 2.5
percent of net sales. The increase in Save-A-Lot operating earnings
as a percent of sales was primarily driven by higher base margins
and lower logistics costs.
Retail Food
Second quarter Retail Food net sales were $1.09 billion,
compared to $1.11 billion last year, a decrease of 1.2 percent. The
sales decrease reflects negative identical store sales of 3.3
percent and closed stores.
Retail Food operating earnings in the second quarter were $10
million, or 0.9 percent of net sales. Last year’s Retail Food
operating earnings were $20 million, or 1.8 percent of net sales.
The decrease in Retail Food operating earnings was driven by higher
shrink expense and employee related costs.
Corporate
Second quarter fees earned under the TSAs were $48 million,
compared to $44 million last year. The increase was primarily
driven by fees earned under the Company's transition service
agreement with Haggen.
Net Corporate operating earnings in the second quarter were $3
million and included $4 million of costs related to the potential
separation of Save-A-Lot and $4 million of severance costs. When
adjusted for these items, net Corporate operating earnings were $11
million. Last year’s second quarter net Corporate operating loss
was $6 million and included $1 million in information
technology intrusion costs, net of insurance receivable. When
adjusted for this item, last year's net Corporate operating loss
was $5 million. The improvement in net Corporate operating earnings
was primarily driven by lower employee related costs and higher
fees earned under the TSAs.
Cash Flows - Continuing Operations
Year-to-date fiscal 2016 net cash flows provided by operating
activities of continuing operations were $276 million compared to
$158 million in the prior year, reflecting lower levels of
investment in working capital. Year-to-date net cash flows used in
investing activities of continuing operations were $119 million
compared to $121 million in the prior year. Year-to-date net cash
flows used in financing activities of continuing operations were
$25 million compared to $34 million in the prior year.
Conference Call
A conference call to review the second quarter results is
scheduled for 9:00 a.m. central time today. The call will be
webcast live at www.supervaluinvestors.com (click on microphone
icon). A replay of the call will be archived at www.supervaluinvestors.com. To access the website
replay go to the "Investors" link and click on "Presentations and
Webcasts."
About SUPERVALU INC.
SUPERVALU INC. is one of the largest grocery wholesalers and
retailers in the U.S. with annual sales of approximately $18
billion. SUPERVALU serves customers across the United States
through a network of 3,395 stores composed of
1,854 independent stores serviced primarily by the Company’s
food distribution business; 1,342 Save-A-Lot stores, of which 901
are operated by licensee owners; and 199 traditional retail grocery
stores (store counts as of September 12, 2015). Headquartered
in Minnesota, SUPERVALU has approximately 40,000 employees. For
more information about SUPERVALU visit www.supervalu.com.
CAUTIONARY STATEMENTS RELEVANT TO
FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR”
PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995.
Except for the historical and factual
information contained herein, the matters set forth in this news
release, particularly those pertaining to SUPERVALU’s expectations,
guidance, or future operating results, and other statements
identified by words such as "estimates," "expects," "projects,"
"plans," "intends," and similar expressions are forward-looking
statements within the meaning of the "safe harbor" provisions of
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are subject to risks and uncertainties
that may cause actual results to differ materially, including
competition, ability to execute initiatives, substantial
indebtedness, labor relations issues, escalating costs of providing
employee benefits, relationships with Albertson’s LLC, New
Albertson’s Inc., and Haggen, intrusions to and disruption of
information technology systems, impact of economic conditions,
governmental regulation, food and drug safety issues, legal
proceedings, severe weather, natural disasters and adverse climate
changes, disruption to supply chain and distribution network,
changes in military business, adequacy of insurance, volatility in
fuel and energy costs, asset impairment charges, fluctuations in
our common stock price and other risk factors relating to our
business or industry as detailed from time to time in SUPERVALU's
reports filed with the SEC. You should not place undue reliance on
these forward-looking statements, which speak only as of the date
of this news release. Unless legally required, SUPERVALU undertakes
no obligation to update or revise publicly any forward-looking
statements, whether as a result of new information, future events
or otherwise.
SUPERVALU INC. and Subsidiaries
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In millions, except percent and per share data)
Second Quarter Ended
Year-To-Date Ended September 12,
September 6, September 12, September
6, 2015 2014 2015 2014 (12
weeks) (12 weeks) (28 weeks) (28 weeks)
Net sales(1) $ 4,062 100.0 % $ 4,041
100.0 % $ 9,469 100.0 % $ 9,305
100.0 %
Cost of sales 3,479 85.6
3,467 85.8 8,076 85.3
7,976 85.7
Gross profit 583 14.4 574
14.2 1,393 14.7 1,329 14.3
Selling and administrative
expenses(2) 489 12.1 480
11.9 1,141 12.1 1,100
11.8
Operating earnings 94 2.3 94 2.3 252 2.7
229 2.5
Interest expense, net(2) 44 1.1 46 1.1 103
1.1 110 1.2
Equity in earnings of unconsolidated affiliates
— — (1 ) — (2 ) —
(2 ) —
Earnings from continuing operations before
income taxes(2) 50 1.2 49 1.2 151 1.6 121 1.3
Income
tax provision 19 0.5 18 0.4
57 0.6 42 0.5
Net earnings from continuing operations(2) 31 0.7 31
0.8 94 1.0 79 0.9
Income (loss) from discontinued operations,
net of tax 2 — 2 —
3 — (1 ) —
Net earnings
including noncontrolling interests 33 0.8 33 0.8 97 1.0 78 0.8
Less net earnings attributable to noncontrolling interests
(2 ) — (2 ) — (5 ) (0.1 )
(4 ) —
Net earnings attributable to SUPERVALU INC. $
31 0.7 % $ 31 0.8 % $ 92 1.0 % $ 74 0.8
%
Basic net earnings (loss) per share attributable to
SUPERVALU INC.: Continuing operations $ 0.11 $ 0.11 $ 0.34 $
0.29 Discontinued operations $ 0.01 $ 0.01 $ 0.01 $ (0.01 ) Basic
net earnings per share $ 0.12 $ 0.12 $ 0.35 $ 0.28
Diluted net
earnings (loss) per share attributable to SUPERVALU INC.:
Continuing operations
(2) $ 0.11 $ 0.11 $ 0.33 $ 0.29
Discontinued operations $ 0.01 $ 0.01 $ 0.01 $ (0.01 ) Diluted net
earnings per share $ 0.11 $ 0.11 $ 0.34 $ 0.28
Weighted average
number of shares outstanding: Basic 263 260 262 260 Diluted 268
264 268 263
(1) In the first quarter of fiscal 2016, the Company completed
an assessment of its revenue and expense presentation primarily
related to professional services and certain other transactions.
Expenses related to transactions in which the Company determined it
was the principal were previously presented net of related revenues
within Net sales in the Consolidated Statements of Operations. The
presentation of these expenses has been revised to include them
within Cost of sales and Selling and administrative expenses. These
revisions had the effect of increasing Net sales with a
corresponding increase to Cost of sales and Selling and
administrative expenses. These revisions did not impact Operating
earnings, Earnings from continuing operations before income taxes,
Net earnings attributable to SUPERVALU INC., cash flows, or
financial position for any period reported.
(2) Results from continuing operations for the second quarter
ended September 12, 2015 include costs related to the
potential Save-A-Lot separation of $4 before tax ($3 after tax, or
$0.01 per diluted share) and severance costs of $4 before tax ($3
after tax, or $0.01 per diluted share) within Selling and
administrative expenses.
Results from continuing operations for the second quarter ended
September 6, 2014 include information technology intrusion
costs of $1, net of insurance recoverable, before tax ($1 after
tax, or $0.00 pre diluted share) included within Selling and
administrative expenses.
Results from continuing operations for the year-to-date ended
September 12, 2015 include costs related to the potential
Save-A-Lot separation of $7 before tax ($5 after tax, or $0.02 per
diluted share) and severance costs of $4 before tax ($3 after tax,
or $0.01 per diluted share) within Selling and administrative
expenses.
Results from continuing operations for the year-to-date ended
September 6, 2014 include net charges and costs of $4 before
tax ($3 after tax, or $0.01 per diluted share), comprised of
information technology intrusion costs, net of insurance
receivable, of $1 before tax ($1 after tax, or $0.00 per diluted
share) and severance costs of $1 before tax ($1 after tax, or $0.00
per diluted share) included within Selling and administrative
expenses, and a non-cash unamortized financing cost charge of $2
before tax ($1 after tax, or $0.01 per diluted share) included
within Interest expense, net.
SUPERVALU INC. and Subsidiaries CONSOLIDATED
SEGMENT FINANCIAL INFORMATION (Unaudited) (In
millions, except percent data) Second
Quarter Ended Year-To-Date Ended
September 12, September 6, September
12, September 6, 2015 2014
2015 2014 (12 weeks) (12 weeks) (28
weeks) (28 weeks) Net sales Independent Business
$ 1,831 $ 1,835 $ 4,293 $ 4,255 % of total 45.1 % 45.4 % 45.4 %
45.8 % Save-A-Lot 1,091 1,057 2,499 2,413 % of total 26.8 % 26.2 %
26.4 % 25.9 % Retail Food 1,092 1,105 2,565 2,535 % of total 26.9 %
27.3 % 27.1 % 27.2 % Corporate 48 44 112 102 % of total 1.2
% 1.1 % 1.1 % 1.1 % Total net sales $ 4,062 $
4,041 $ 9,469 $ 9,305 100.0 % 100.0 % 100.0 %
100.0 %
Operating earnings Independent Business(1) $
49 $ 54 $ 126 $ 120 % of Independent Business sales 2.7 % 2.9 % 2.9
% 2.8 % Save-A-Lot 32 26 83 72 % of Save-A-Lot sales 3.0 % 2.5 %
3.3 % 3.0 % Retail Food 10 20 43 50 % of Retail Food sales 0.9 %
1.8 % 1.7 % 2.0 % Corporate(2) 3 (6 ) —
(13 ) Total operating earnings 94 94 252 229 % of
total net sales 2.3 % 2.3 % 2.7 % 2.5 %
Interest expense,
net(3) 44 46 103 110
Equity in earnings of
unconsolidated affiliates — (1 ) (2
) (2 )
Earnings from continuing operations before income
taxes 50 49 151 121
Income tax provision 19
18 57 42
Net
earnings from continuing operations 31 31 94 79
Income
(loss) from discontinued operations, net of tax 2
2 3 (1 )
Net earnings
including noncontrolling interests 33 33 97 78
Less net
earnings attributable to noncontrolling interests (2 )
(2 ) (5 ) (4 )
Net earnings attributable to
SUPERVALU INC. $ 31 $ 31 $ 92 $ 74
LIFO charge Independent Business $ 1 $ 1 $ 2 $ 2
Retail Food 1 1 3
2 Total LIFO charge $ 2 $ 2 $ 5 $ 4
Depreciation and amortization Independent Business $
11 $ 11 $ 25 $ 26 Save-A-Lot 17 15 38 35 Retail Food 36 39 83 93
Corporate — — 1 —
Total depreciation and amortization $ 64 $ 65
$ 147 $ 154
(1) Independent Business operating earnings for the year-to-date
ended September 6, 2014 includes severance costs of $1.
(2) Corporate operating loss for the second quarter ended
September 12, 2015 included costs related to the potential
Save-A-Lot separation of $4 and severance costs of $4. Corporate
operating loss for the second quarter ended September 6, 2014
included information technology intrusion costs, net of insurance
receivable of $1. Corporate operating loss for the year-to-date
ended September 12, 2015 included costs related to the
potential Save-A-Lot separation of $7 and severance costs of $4.
Corporate operating loss for the year-to-date ended
September 6, 2014 includes information technology intrusion
costs, net of insurance receivable of $1.
(3) Interest expense, net for the year-to-date ended
September 6, 2014 includes unamortized financing costs charges
of $2.
SUPERVALU INC. and Subsidiaries CONSOLIDATED
BALANCE SHEETS
(In millions, except par value
data)
September 12, February
28, 2015 2015 (Unaudited) ASSETS
Current assets Cash and cash equivalents $ 247 $ 114
Receivables, net 491 482 Inventories, net 1,019 984 Other current
assets 87 120
Total current
assets 1,844 1,700
Property,
plant and equipment, net 1,430 1,470
Goodwill 865 865
Intangible assets, net 66 48
Deferred tax assets 266
265
Other assets 141 137
Total assets $ 4,612 $ 4,485
LIABILITIES
AND STOCKHOLDERS’ DEFICIT Current liabilities Accounts
payable $ 1,175 $ 1,121 Accrued vacation, compensation and benefits
192 204 Current maturities of long-term debt and capital lease
obligations 308 35 Other current liabilities 211
173
Total current liabilities 1,886
1,533
Long-term debt 2,197 2,480
Long-term capital lease obligations 208 213
Pension and
other postretirement benefit obligations 547 602
Long-term
tax liabilities 112 119
Other long-term liabilities 173
174
Commitments and contingencies Stockholders’
deficit Common stock, $0.01 par value: 400 shares authorized;
266 and 262 shares issued, respectively 3 3 Capital in excess of
par value 2,795 2,810 Treasury stock, at cost, 1 and 2 shares,
respectively (4 ) (33 ) Accumulated other comprehensive loss (402 )
(423 ) Accumulated deficit (2,911 ) (3,003 )
Total
SUPERVALU INC. stockholders’ deficit (519 ) (646 )
Noncontrolling interests 8 10
Total
stockholders’ deficit (511 ) (636 )
Total
liabilities and stockholders’ deficit $ 4,612 $ 4,485
SUPERVALU INC. and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In millions) Year-To-Date Ended
September 12, September 6, 2015
2014 (28 weeks) (28 weeks) Cash flows from
operating activities Net earnings including noncontrolling
interests $ 97 $ 78 Income (loss) from discontinued operations, net
of tax 3 (1 ) Net earnings from continuing
operations 94 79 Adjustments to reconcile Net earnings from
continuing operations to Net cash provided by operating activities
– continuing operations: Asset impairment and other charges 2 2 Net
gain on sale of assets and exits of surplus leases (2 ) (6 )
Depreciation and amortization 147 154 LIFO charge 5 4 Deferred
income taxes (22 ) (6 ) Stock-based compensation 13 13 Net pension
and other postretirement benefits cost 20 13 Contributions to
pension and other postretirement benefit plans (38 ) (68 ) Other
adjustments 16 14 Changes in operating assets and liabilities, net
of effects from business acquisitions 41 (41 )
Net cash provided by operating activities – continuing
operations 276 158
Net cash provided by operating activities
– discontinued operations 1 2
Net cash provided by operating activities 277
160
Cash flows from investing activities
Proceeds from sale of assets 2 5 Purchases of property, plant and
equipment (94 ) (84 ) Payments for business acquisitions (6 ) (47 )
Other (21 ) 5
Net cash used in investing
activities (119 ) (121 )
Cash flows from
financing activities Proceeds from sale of common stock 9 5
Payments of debt and capital lease obligations (27 ) (31 )
Distributions to noncontrolling interests (7 ) (6 ) Payments of
debt financing costs — (3 ) Other — 1
Net cash used in financing activities (25 )
(34 ) Net increase in cash and cash equivalents 133 5
Cash and
cash equivalents at beginning of period 114
83
Cash and cash equivalents at the end of
period $ 247 $ 88
SUPPLEMENTAL CASH FLOW
INFORMATION The Company’s non-cash activities were as follows:
Purchases of property, plant and equipment included in Accounts
payable $ 20 $ 9 Capital lease asset additions $ 10 $ 1 Interest
and income taxes paid: Interest paid, net of amounts capitalized $
85 $ 83 Income taxes paid, net $ 27 $ 25
SUPERVALU INC. and
SubsidiariesSUPPLEMENTAL FINANCIAL
INFORMATION(Unaudited)
SUPERVALU INC.'s consolidated financial statements are
prepared and presented in accordance with generally accepted
accounting principles ("GAAP"). The measures and items identified
below and the adjusted Selling and administrative expense and the
adjusted net Corporate operating earnings provided above are
provided as a supplement to our consolidated financial statements
and should not be considered an alternative to any GAAP measure of
performance or liquidity. The presentation of these financial
measures and items is not intended to be a substitute for or be
superior to any financial information prepared and presented in
accordance with GAAP. Investors are cautioned that there are
material limitations associated with the use of non-GAAP financial
measures as an analytical tool. Certain adjustments to our GAAP
financial measures exclude certain items that are occasionally
recurring in nature and may be reflected in our financial results
for the foreseeable future. These measurements and items may be
different from non-GAAP financial measures used by other companies.
All measurements are provided as a reconciliation from a GAAP
measurement. Management believes the measurements and items
identified below are important measures of business performance
that provide investors with useful supplemental
information. SUPERVALU utilizes certain non-GAAP measures
to analyze underlying core business trends to understand operating
performance. In addition, management utilizes certain non-GAAP
measures as a compensation performance measure. The items below
should be reviewed in conjunction with SUPERVALU
INC.'s financial results reported in accordance with GAAP, as
reported in SUPERVALU's Quarterly Reports on Form 10-Q
and the Annual Report on Form 10-K for the fiscal year
ended February 28, 2015.
RECONCILIATIONS OF EARNINGS FROM
CONTINUING OPERATIONS TO EARNINGS FROM CONTINUING OPERATIONS AFTER
ADJUSTMENTS
Table 1 Second
Quarter Ended September 12, 2015 Diluted Earnings
Earnings After Earnings Per (In millions, except
per share data) Before Tax Tax Share
Continuing operations $ 50 $ 31 $ 0.11 Adjustments: Costs related
to the potential Save-A-Lot separation 4 3 0.01 Severance costs
4 3 0.01 Continuing operations after
adjustments $ 58 $ 37 $ 0.13
Table 2 Year to Date
September 12, 2015 Diluted Earnings Earnings
After Earnings Per (In millions, except per share
data) Before Tax Tax Share Continuing
operations $ 151 $ 94 $ 0.33 Adjustments: Costs related to the
potential Save-A-Lot separation 7 5 0.02 Severance costs 4
3 0.01 Continuing operations after adjustments $ 162
$ 102 $ 0.36
Table 3 Second Quarter Ended
September 6, 2014 Diluted Earnings Earnings
After Earnings Per (In millions, except per share
data) Before Tax Tax Share Continuing
operations $ 49 $ 31 $ 0.11 Adjustments: Information technology
intrusion costs, net of insurance recoverable 1 1
— Continuing operations after adjustments $ 50 $ 32 $ 0.11
Table 4 Year to Date September 6, 2014
Diluted Earnings Earnings After Earnings
Per (In millions, except per share data) Before
Tax Tax Share Continuing operations $ 121 $ 79 $
0.29 Adjustments: Information technology intrusion costs, net of
insurance recoverable 1 1 — Severance costs 1 1 — Unamortized
financing costs charges 2 1 0.01 Continuing
operations after adjustments $ 125 $ 82 $ 0.30
RECONCILIATION OF OPERATING EARNINGS FROM CONSOLIDATED SEGMENT
FINANCIAL INFORMATION AS REPORTED TO SUPPLEMENTALLY PROVIDED
ADJUSTED EBITDA Table 5
Second Quarter Ended Year-To-Date Ended September
12, September 6, September 12,
September 6, 2015 2014
2015 2014 (In millions) (12 weeks)
(12 weeks) (28 weeks) (28 weeks) Independent
Business operating earnings, as reported $ 49 $ 54 $ 126 $ 120
Adjustments: Severance costs — —
— 1 Independent Business operating earnings,
as adjusted 49 54 126 121 Independent Business depreciation and
amortization 11 11 25 26 LIFO charge 1 1
2 2 Independent Business
adjusted EBITDA(1) $ 61 $ 66 $ 153 $ 149
Save-A-Lot operating earnings, as reported $ 32 $ 26
$ 83 $ 72 Save-A-Lot depreciation and amortization 17
15 38 35 Save-A-Lot
adjusted EBITDA(1) $ 49 $ 41 $ 121 $ 107
Retail Food operating earnings, as reported $ 10 $ 20
$ 43 $ 50 Retail Food depreciation and amortization 36 39 83 93
LIFO charge 1 1 3 2 Equity in earnings of unconsolidated affiliates
— 1 2 2 Net earnings attributable to noncontrolling interests
(2 ) (2 ) (5 ) (4 ) Retail Food
adjusted EBITDA(1) $ 45 $ 59 $ 126 $ 143
Corporate operating earnings (loss), as reported $ 3
$ (6 ) $ — $ (13 ) Adjustments: Costs related to the potential
Save-A-Lot separation 4 — 7 — Severance costs 4 — 4 — Information
technology intrusion costs, net of insurance recoverable —
1 — 1 Corporate
operating earnings, as adjusted 11 (5 ) 11 (12 ) Corporate
depreciation and amortization — —
1 — Corporate adjusted EBITDA(1) $ 11
$ (5 ) 12 (12 ) Total adjusted
EBITDA(1) $ 166 $ 161 $ 412 $ 387
(1) The Company's measure of adjusted EBITDA includes SUPERVALU
INC.'s segment operating earnings (loss), as reported, plus
depreciation and amortization, LIFO charge (credit), equity
earnings of unconsolidated affiliates and any unusual items, and
less net earnings attributable to noncontrolling interests.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20151021005701/en/
SUPERVALU INC.Investor
ContactSteve Bloomquist, 952-828-4144steve.j.bloomquist@supervalu.comorMedia ContactJeff Swanson,
952-903-1645jeffrey.s.swanson@supervalu.com
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