Supervalu’s Fourth-Quarter Earnings Drop

April 18, 2006 8:30 AM, EDT

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rocery chain Supervalu Inc.’s net income dropped more than 93% for its fourth quarter ended Feb. 25 to $6 million or 4 cents a share, from $92.9 million, or 65 cents a year earlier.

Revenue rose slightly to $4.64 billion from $4.59 billion, the company said Tuesday.

The earnings decline was due to charges in selling off some stores as it gets ready to close its purchase of Albertson's Inc., the Associated Press reported. (Click here for previous coverage.)

Eden Prairie, Minn.-based Supervalu said store closures and money spent on supply chain improvements cost it $72.4 million in the quarter, cutting earnings by 51 cents per share, AP reported.

Supervalu is ranked No. 36 in the Transport Topics 100 listing of private North American carriers.