Albertsons 2016 Annual Report Download - page 105

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103
2016 2015 2014
Net sales $ — $ — $ 1,235
(Loss) income before income taxes from discontinued operations (1) 6 121
Income tax benefit (9)(66)(55)
Income from discontinued operations, net of tax $ 8 $ 72 $ 176
Income from discontinued operations, net of tax for fiscal 2016 primarily reflects tax settlement matters, including discrete tax
benefits and expenses, and pre-tax resolution matters.
Income before income taxes from discontinued operations for fiscal 2015 primarily reflects $6 of property tax refunds and
interest income resulting from settlement of income tax audits. The income tax benefit included as a component of Income
from discontinued operations, net of tax for fiscal 2015 includes $66 of net tax benefits, primarily related to tangible property
repair regulations and other deduction-related changes.
The tax rate for the income tax benefit included as a component of Income from discontinued operations, net of tax for fiscal
2014 included $105 of discrete tax benefits primarily resulting from the settlement of IRS audits for the fiscal 2010, 2009 and
2008 tax years and an adjustment to decrease the loss on sale of NAI reported at February 23, 2013.
UNAUDITED QUARTERLY FINANCIAL INFORMATION
(In millions, except per share data)
Unaudited quarterly financial information for SUPERVALU INC. and subsidiaries is as follows:
2016
First
(16 weeks) Second
(12 weeks) Third
(12 weeks) Fourth
(12 weeks) Fiscal Year
(52 weeks)
Net sales $ 5,407 $ 4,062 $ 4,114 $ 3,946 $ 17,529
Gross profit $ 810 $ 583 $ 601 $ 590 $ 2,584
Net earnings from continuing operations(1) $ 63 $ 31 $ 35 $ 49 $ 178
Net earnings attributable to SUPERVALU INC. $ 61 $ 31 $ 34 $ 52 $ 178
Net earnings per share from continuing operations
attributable to SUPERVALU INC.—diluted(1) $ 0.23 $ 0.11 $ 0.13 $ 0.18 $ 0.63
Net earnings per share attributable to SUPERVALU INC.
—diluted $ 0.23 $ 0.11 $ 0.13 $ 0.20 $ 0.66
Dividends declared per share $ — $ — $ — $ — $ —
Weighted average shares—diluted 268 268 268 267 268
2015
First
(16 weeks) Second
(12 weeks) Third
(12 weeks) Fourth
(13 weeks) Fiscal Year
(53 weeks)
Net sales $ 5,264 $ 4,041 $ 4,225 $ 4,387 $ 17,917
Gross profit $ 755 $ 574 $ 596 $ 663 $ 2,588
Net earnings from continuing operations(2) $ 48 $ 31 $ 12 $ 36 $ 127
Net earnings attributable to SUPERVALU INC. $ 43 $ 31 $ 79 $ 39 $ 192
Net earnings per share from continuing operations
attributable to SUPERVALU INC.—diluted(2) $ 0.18 $ 0.11 $ 0.04 $ 0.13 $ 0.45
Net earnings per share attributable to SUPERVALU INC.
—diluted $ 0.17 $ 0.11 $ 0.30 $ 0.14 $ 0.73
Dividends declared per share $ — $ — $ — $ — $ —
Weighted average shares—diluted 262 264 265 266 264
(1) Results from continuing operations for the fiscal year ended February 27, 2016 include net charges and costs of $51 before tax ($34
after tax, or $0.13 per diluted share). Refer to Item 6 Selected Financial Data in Part II, Item 8 of this Annual Report on Form 10-K for
a discussion of these items.