MINNEAPOLIS -- Spurred by gains in its retail food division, Supervalu here said last week sales and earnings rose for the year and fourth quarter ended Feb. 22.
retail stores and $60 million for corporate expenditures. An additional $150 million is planned to support store development and financing for independent retailers.
Capital projects will include 33 new corporate retail stores, including three Cub Foods stores and 30 Save-A-Lot units, plus remodels; construction of a Midwest regional distribution center in Oglesby, Ill.; a new perishables warehouse in Tacoma, Wash.; and several small distribution centers for Save-A-Lot limited assortment stores, as well as implementation of information technology.
Net income for the year rose 5.2% to $175 million, while sales increased 0.4% to $16.6 billion. For the 12-week quarter net income was up 8.7% to a record $53 million, while sales rose 1.1% to $3.9 billion.
Same-store sales in corporate stores rose 2% for the year and 1% for the quarter.
Sales in the food distribution segment fell 1.4% for the year to $14.5 billion and 2.9% for the quarter to $3.3 billion, while sales in the retail food division rose 7% for the year to $4.7 billion and 8% for the quarter to $1.2 billion.
Qtr Ended 2/22/97 2/24/96
Sales $3.9 billion $3.8 billion
Change + 1.1%
Net Income $53.0 million $48.8 million
Change + 8.7%
Inc/Share 79 cents 72 cents
52 Weeks 1997 1996
Sales $16.6 billion $16.5 billion
Change + 0.4%
Net Income $175.0 million $166.4 million
Change + 5.2%
Inc/Share $2.60 $2.44