Stock Monitor: Village Super Market Post Earnings Reporting
LONDON, UK / ACCESSWIRE / January 18, 2018 / Active-Investors.com has just released a free earnings report on SUPERVALU Inc. (NYSE: SVU). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=SVU. The Company reported its third quarter fiscal 2018 operating and financial results on January 10, 2018. The grocery store operator exceeded earnings expectations and provided guidance for the fiscal year 2018. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
For the third quarter of the fiscal year 2018, SUPERVALU's net sales surged 31% to $3.94 billion compared to $3.00 billion in Q3 FY17. The Company's revenue numbers fell short of analysts' estimates of $4.00 billion.
During Q3 FY18, SUPERVALU's gross profit totaled $409 million and included merger and integration costs of $2 million. On an adjusted basis, the Company's gross profit was $411 million, or 10.5% of net sales, in the reported quarter compared to gross profit of $407 million, or 13.6% of net sales, in the year ago same period.
SUPERVALU's selling and administrative expenses were $370 million in Q3 FY18 compared to $391 million in Q3 FY17. On an adjusted basis, the Company's selling and administrative expenses were $364 million, or 9.3% of net sales, in the reported quarter versus selling and administrative expenses of $349 million, or 11.6% of net sales in the year ago comparable period.
SUPERVALU reported net earnings from continuing operations of $18 million, or $0.46 per diluted share, in Q3 FY18, which included $4 million of after-tax merger and integration costs and $1 million of after-tax store closure charges and costs compared to a net loss from continuing operations of $11 million for Q3 FY17, which included $25 million of net after-tax charges and costs comprised of a pension settlement charge, a goodwill impairment charge, and store closure charges and costs.
SUPERVALU posted adjusted net earnings from continuing operations of $23 million, or $0.61 per diluted share, for Q3 FY18 versus $14 million, or $0.35 per diluted share, in Q3 FY17. The Company's earnings surpassed Wall Street's estimates of $0.46 per share.
Wholesale - During Q3 FY18, SUPERVALU's Wholesale segment's net sales surged 52% to $2.89 billion compared to $1.91 billion in Q3 FY17, driven by sales from the acquired Unified Grocers business, sales to new customers, and increased sales to new stores operated by existing customers. The segment posted operating earnings of $46 million, and adjusted operating earnings of $48 million, or 1.7% of net sales in the reported quarter compared to operating earnings of $52 million, or 2.7% of net sales, in the year earlier corresponding quarter.
Retail - For Q3 FY18, SUPERVALU's Retail segment's net sales were $1.02 billion compared to $1.06 billion in Q3 FY17, down 4.1% on a y-o-y basis, reflecting identical store sales of negative 3.5% and closed stores, partially offset by new and acquired store sales. The segment's operating loss was $6 million in the reported quarter compared to an operating loss of $14 million in the year earlier same quarter. On an adjusted basis, the Retail segment's operating loss was $3 million in Q3 FY18 compared to operating earnings of $2 million, or 0.2% of net sales, in Q3 FY17.
Corporate - For Q3 FY18, SUPERVALU's fees earned under services agreements were $33 million compared to $37 million in Q3 FY17. The segment's operating loss was $1 million in the reported quarter versus an operating loss of $37 million in the prior year's comparable quarter. On an adjusted basis, the Corporate segment's net operating earnings were $2 million for Q3 FY18 compared to $4 million in Q3 FY17.
SUPERVALU's fiscal 2018 year-to-date net cash flows used in operating activities of continuing operations were $44 million compared to $150 million in the year ago corresponding period, primarily due to cash utilized for working capital and other assets and liabilities to support higher Wholesale segment's sales volumes and lower cash generated from earnings.
Outlook for FY18
For the fiscal year 2018, SUPERVALU is forecasting net earnings from continuing operations to be in the range of negative $20 million to positive $2 million, inclusive of a non-cash charge of $35 million to $45 million anticipated to be made in Q4 FY18, in order to reduce the carrying value of the Company's net deferred tax asset in accordance with the newly enacted tax reform legislation. SUPERVALU is estimating adjusted EBITDA, including the contribution from Unified Grocers and Associated Grocers of Florida, to be in the band of $475 million to $485 million.
Stock Performance Snapshot
January 17, 2018 - At Wednesday's closing bell, SUPERVALU's stock was marginally up 0.06%, ending the trading session at $16.25.
Volume traded for the day: 1.63 million shares.
After yesterday's close, SUPERVALU's market cap was at $625.30 million.
The stock is part of the Services sector, categorized under the Grocery Stores industry. This sector was up 0.6% at the end of the session.
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