Grocer Supervalu Inc.’s fiscal fourth-quarter net income dipped 2 percent, partly weighed down by softer sales and store closings.
The earnings topped Wall Street expectations. Supervalu stock surged $1.42, or 16 percent, to $10.50 in premarket trading. The stock has traded between $7.06 and $17.47 in the past year.
The operator of Albertsons, Jewel-Osco and other supermarket chains also provided a 2012 earnings outlook April 14 in range of Wall Street’s expectations.
Supervalu earned $95 million, or 44 cents per share, compared with $97 million, or 46 cents per share, a year ago.
Revenue for the period ended Feb. 26 fell 6 percent to $8.66 billion.
Analysts forecast earnings of 33 cents per share on revenue of $8.73 billion for the Eden Prairie, Minn., company.
Supervalu owns all Albertsons stores in Idaho and operates a store-support center in Boise. Supervalu bought most of the former Albertsons Inc., Boise, in mid-2006.