by Christopher Freeburn | April 23, 2014 10:21 am
On Wednesday, SuperValu (SVU) reported a quarterly profit on higher revenue. On the news, SVY stock jumped more than 13% in morning trading.
SVU stock surged after the grocery chain operator said it earned $26 million during its fiscal fourth quarter, compared to a loss of $1.41 billion in the prior-year period. Adjusted EPS from continuing operations was 18 cents, topping the 15 cents that analysts were expecting, the Wall Street Journal noted.
During the quarter, SVU posted sales of $3.95 billion, up 1.4% from the year-ago quarter, and slightly above the $3.9 billion Wall Street had forecast.
Expenses at SuperValu tumbled 38% in the fiscal fourth quarter. Sales of retail food remained unchanged at $1.09 billion. Sales at SVU’s Save-A-Lot unit gained 3.1%.
SVU stock closed at $6.76 per share on Tuesday.
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