US retailer Supervalu has reported that net earnings hit US$97m, or US$0.46 per diluted share, during the fourth quarter (Q4) of fiscal 2010, up on the loss of US$201m (US$0.95 per share) in the same period of fiscal 2009.
According to the group, net sales through the quarter totalled US$9.2bn, down on the US$10.8bn recorded in the previous year, with retail food sales representing 78.3 per cent of the total.
For the full-year of fiscal 2010, the company said that net sales hit US$40.6bn with net income hitting US$393m, or US$1.85 per diluted share.
In addition to revealing its results, Supervalu has also announced that it is making alterations to the size and composition of its board of directors, including reducing membership from 15 to 12 directors, adding two new directors and naming a non-executive chairman.
Five board members are to leave the organisation, including the outgoing chairman and former CEO Jeff Noddle and fellow retirees Lawrence Del Santo and Garnett Keith, as well as Gary Ames and Marissa Peterson who voluntarily resigned from the board earlier in the month.
The board has nominated Matthew Rubel, chairman and CEO of Collective Brands Inc., and Donald Chappel of The Williams Company to stand for election at the retailer's annual meeting, when it also expects to name Wayne Sales to the new position of non-executive chairman.
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