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SUPERVALU Inc. (NYSE: SVU), Minneapolis, MN, reported fiscal 2017 sales of $12.5 billion, down 3.3 percent from the prior fiscal year. Profit increased to $650 million.
Sales for the fourth quarter were $2.9 billion, up 0.5 percent year-over-year. Profit increased to $599 million.
Fourth-quarter wholesale sales increased 3 percent to $1.79 billion. Retail sales decreased 3.2 percent to $1.07 billion.
"We finished fiscal 2017 with momentum in our Wholesale business and an improved balance sheet resulting from the sale of Save-A-Lot,” said president and CEO Mark Gross. “I’m very excited about our agreement to acquire Unified Grocers as it brings together two great companies to create one of the nation’s leading grocery wholesale organizations. At the same time, we are working to fundamentally improve the shopping experience in our retail stores and with new leadership and renewed passion we are focused on changing our operating results. I remain optimistic for growth and believe strongly in the path our team is pursuing to achieve it.”