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  • bluecheese4u bluecheese4u Nov 25, 2009 1:49 AM Flag

    SUPERVALU Reports Second Quarter Fiscal 2010 Earnings

    part two

    Net interest expense for the second quarter was $131 million compared to $141 million last year reflecting lower interest rates and reduced borrowing levels. The company remains in compliance with all debt covenants.

    SUPERVALU’s income tax expense was $40 million, or 35.1 percent of pre-tax income in the second quarter compared to $73 million, or 36.4 percent of pre-tax income in last year’s second quarter, primarily reflecting a lower effective state tax rate.

    Capital spending for the second quarter was $158 million compared to $281 million in the prior year, including approximately $11 million in capital leases. In the second quarter the company completed 27 major remodels, 4 minor remodels and 1 new traditional supermarket. Year to date capital spending was $396 million compared to $677 million in the prior year, including approximately $12 million in capital leases.

    Total debt to capital was 75 percent at quarter-end compared to 77 percent at fiscal 2009 year-end. This ratio is calculated as total debt, including current and long-term debt and obligations under capital leases, divided by the sum of total debt and total stockholders’ equity.

    Diluted weighted-average shares outstanding for the second quarter were 213 million shares compared to 213 million shares last year. As of September 12, 2009, SUPERVALU had 212 million shares outstanding.

    Year-to-date net cash flows from operating activities were $840 million compared to $745 million in the prior year, primarily reflecting an improvement in working capital. Year-to-date net cash flows used in investing activities were $369 million compared to $585 million last year, primarily reflecting reduced capital expenditures in the current year. Year-to-date net cash used for financing activities were $442 million compared to $130 million last year, primarily reflecting higher levels of debt reduction in the current year.

    Fiscal 2010 Guidance

    Commenting on guidance, Herkert stated, “We are taking ten cents off the top of our previous fiscal 2010 earnings guidance range as the economic outlook in the back half of the year and its impact on consumers has become clearer.” Identical store sales, excluding fuel, are now projected to be approximately negative 4 percent for the year compared to previous guidance of negative 3 percent. As a result, fiscal 2010 net earnings are expected to be in the range of $1.95 to $2.05 per diluted share on a GAAP basis and $2.01 to $2.11 on an adjusted basis when excluding costs related to store closures.

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