SuperValu has reported that net sales declined 5 per cent to US$7.9bn during the fiscal third quarter ending 1 December 2012, down from US$8.3bn in the same period last year.
Despite this, the group recorded net earnings of US$16m for the three-month period, a major improvement on the loss of US$700m the group registered in 2011.
Third quarter earnings reflected an after-tax gain related to a cash settlement from credit card companies and were partially offset by charges related to the announced store closures, Planet Retail reported.
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