Associated Press | Grocer Supervalu, parent company of Jewel-Osco, says
it returned to a fiscal fourth-quarter profit because of cost
reductions and fewer charges. But the operator of Albertsons,
Save-A-Lot and other stores gave a 2011 earnings outlook below
analysts’ estimates.

Supervalu is in the midst of a turnaround effort. It brought in new
leadership, cut costs and has been focusing on lower prices and its
discount Save-A-Lot stores.

Supervalu earned $97 million, or 46 cents per share. Excluding charges related to store closings and other items, profit was 62 cents per share. That tops analysts’ estimates by a penny.

Revenue fell 15 percent to $9.21 billion. Last year’s fourth quarter included an extra week.