Revenue fell 9.6 percent to $11.5 billion as the company exited certain markets.
Analysts, who typically exclude onetime items such as the cost of closing stores, on average expected Supervalu to report net income of 42 cents per share on revenue of $11.67 billion, according to Thomson Reuters.
The company's after-tax charges were related to closing stores in Connecticut and Ohio and to the impact of a labor dispute at Shaw's.
CEO Craig Herkert said Supervalu, based in Eden, Minn., is trying to serve its customers and cut its costs as it attempts to rebuild its brand. It still faces challenges as shoppers keep a tight lid on spending and shop around more. Discounters and other grocers are increasingly competing on prices with Supervalu's chains, he said.
As it struggled to cope with falling profit during the recession, the company hired new leadership, cut costs and debt, trimmed stores and lowered its inventory. It returned to a profit in the fourth quarter and is relying on its low-price Save-A-Lot chain for growth.
Supervalu's revenue at stores open at least a year - a key figure for retailers because it excludes the effects of stores opening or closing during the year - fell 7.2 percent for the quarter. Excluding Shaw's, the figure fell 6.5 percent, Supervalu said. The company plans to sell its 18 Shaw's stores, which are in Connecticut.
The company continues to expect to earn between $1.75 and $1.95 per share for the fiscal year, excluding onetime items. Analysts expect $1.73 per share.
But on a non-adjusted basis the company now expects to earn between $1.61 and $1.81 per share, down from $1.65 to $1.85. Those figures include 7 cents per share each for the cost of store closures and the labor dispute at Shaw's.