Supervalu returns to 4th-quarter profit on fewer charges, cost control efforts

Supervalu moves to 4Q profit on fewer charges

EDEN PRAIRIE, Minn. — Grocer Supervalu says it returned to a fiscal fourth-quarter profit because of cost reductions and fewer charges.

But the operator of Albertsons, Save-A-Lot and other stores gave a 2011 earnings outlook below analysts’ estimates.

Supervalu is in the midst of a turnaround effort. It brought in new leadership, cut costs and has been focusing on lower prices and its discount Save-A-Lot stores.

Supervalu earned $97 million, or 46 cents per share. Excluding charges related to store closings and other items, profit was 62 cents per share. That tops analysts’ estimates by a penny.

Revenue fell 15 percent to $9.21 billion. Last year’s fourth quarter included an extra week.