SUPERVALU Reports Fiscal 2001 Results; Implements Restructuring Program to Set New Platform for Growth

Apr 05, 2001, 01:00 ET from SUPERVALU INC.

    MINNEAPOLIS, April 4 /PRNewswire/ -- SUPERVALU INC. (NYSE:   SVU) today
 reported results for the fiscal year 2001 which ended February 24, 2001.  For
 the full year, excluding restructure and other adjustments, the Company
 reported a 14 percent sales increase to $23.2 billion compared to last year's
 $20.3 billion, net earnings of $235.9 million a slight increase from last
 year's $232.0 million, diluted earnings per share of $1.78, flat with last
 year.  Cash earnings per share excluding restructure and other adjustments
 increased 4.9 percent to $2.14.  Earnings before interest, taxes,
 depreciation, and amortization (EBITDA) excluding restructure and other
 adjustments, were $921.6 million, or 4.0 percent of sales compared to last
 year's $799.8 million, or 3.9 percent of sales.
     The Company also announced today a $240.1 million pretax charge as a
 result of a company-wide asset review process.  The charge includes the
 consolidation of distribution facilities, the exit of certain non-core retail
 markets, the disposal of under-performing retail stores, a total workforce
 reduction of approximately 4,500 employees, and the write-off of other items.
 The after tax impact of the charge on earnings is $153.9 million, or $1.16 per
 share. Including the charges, SUPERVALU reported net earnings for the full
 year of $82.0 million, or $0.62 diluted earnings per share.
     Mike Wright, SUPERVALU chairman, and chief executive officer said, "Fiscal
 2001 was a year of mixed results.  We successfully completed the integration
 of Richfood achieving $30 million of expected synergies, grew retail square
 footage by five percent, positioned Save-A-Lot to surpass the 1000th store
 level this year, made additional strides in reducing inventory levels, and
 began an important transition in senior management.  We also encountered
 intense competition in certain retail markets in Illinois, Indiana and Ohio
 that was the principal cause of an earnings shortfall during the last half of
 the year.  Nonetheless, for the year, we had solid performance from the
 majority of our retail banners and distribution regions."
     Wright continued, "In addition, late in the fiscal year, we withdrew from
 the bidding for a long-term supply arrangement with our largest customer,
 Kmart, and today are in the process of unwinding this business.  As a result
 of these events, we are taking the appropriate steps to build upon our
 strengths and successes and improve our returns."
     Company-Wide Asset Review -- In conjunction with SUPERVALU's effort to
 create a new platform for growth, a company-wide asset review process was
 conducted to identify assets that do not meet return objectives, provide
 long-term strategic opportunities, or justify additional capital investment.
 As a result, the Company recorded a $240.1 million pre tax charge, or
 $153.9 million after tax charge in the fourth quarter of fiscal 2001.
     The future benefits of these activities include the generation of
 approximately $60 million of free cash flow, which reflects cash proceeds from
 asset sales and working capital reductions.  The earnings per share benefit of
 the restructuring activity is estimated to be minimal in fiscal 2002 and
 contribute $0.07 to $0.09 by fiscal 2003.
     Jeff Noddle, SUPERVALU president and chief operating officer, said, "To
 establish a new platform for growth and to compete more effectively, we will
 reconfigure our business base to lower our cost structure and become more
 focused on those markets or business activities where we will generate growth
 and higher returns."
     Noddle continued, "Fiscal 2002 will encompass two large events.  They are
 the elimination of approximately $1.7 billion in revenues from the phase out
 of the Kmart business and the related $0.18 to $0.22 per share negative
 impact, and the execution and timing of the restructuring activity.  In
 addition, we are actively rebuilding our retail business but will still
 experience difficult comparisons against last year's strong first half
 results.  Our preliminary fiscal 2002 earnings per share outlook for the first
 quarter and full year is $0.43 to $0.45 and $1.70 to $1.80, respectively, with
 cash earnings per share for the full year of $2.07 to $2.17.  I am committed
 to the successful execution of our many activities during fiscal 2002 thereby
 setting the stage for a strong fiscal 2003."
 
     Segment Results Before Restructuring and Other Adjustments
     Retail Food Segment -- For the year, retail sales grew to $9.4 billion, an
 increase of 15.9 percent.  Fourth quarter sales of $2.4 billion increased
 2.9 percent from last year. The company continued its expansion of retail
 during fiscal 2001 increasing square footage by 5 percent over the prior year.
 Fiscal 2001 store activity, including licensed units, resulted in 117 new
 store openings, five stores acquired, 45 stores closed or sold for a total of
 1,194 stores at year-end.  Comparable sales for the year were negative four
 percent and negative five percent in the fourth quarter as the competitive
 environment remained intense all year and fourth quarter results compared
 against prior year Y2K sales gains.
     Operating earnings for the full year grew to $345.8 million, a slight
 increase from last year's $340.7 million. Operating earnings of the retail
 business for the fourth quarter declined to $81.6 million from $108.2 million
 last year.  The slight improvement in full year operating earnings reflects
 the full year benefit from the Richfood acquisition, substantially offset by
 higher advertising and promotional spending coupled with weakening comparable
 sales performance during the second half of the year.
     For the year, SUPERVALU's retail segment generated $518.3 million in
 EBITDA, or 5.5 percent of sales.
 
     Food Distribution Segment -- For the year, food distribution sales climbed
 to $13.8 billion, up 12.8 percent from last year's level.  Fourth quarter
 sales declined to $3.1 billion from $3.3 billion versus the prior year.
 Results for the year were driven primarily by the additional customers from
 the Richfood acquisition and Kmart volume, offset in part by the anticipated
 loss of the Giant of Carlisle business.
     Operating earnings for the full year grew to $275.4 million, an increase
 of almost 23.3 percent, or a 20 basis point improvement in operating margin
 over the prior year.  For the fourth quarter, operating earnings rose
 7.5 percent, or a 30 basis point improvement over last year's fourth quarter.
 Full year operating earnings reflects the full year benefit from the Richfood
 acquisition along with additional integration synergies during the second
 half.  In addition, the full year benefited from increased Kmart volume and
 cost and inventory reduction activities that more than offset increased labor
 expense.
     For the year, distribution EBITDA was $436.0 million, or 3.2 percent of
 sales up 40 basis points from the prior year.
 
     Other Items -- Diluted average shares outstanding increased slightly for
 the year to 132.8 million shares reflecting the full year impact of the
 Richfood acquisition net of the share repurchase program completed earlier in
 the fiscal year.  Net interest expense increased 40.9 percent and 5.9 percent
 for the full year and the fourth quarter respectively, reflecting the full
 year impact of Richfood acquisition debt and the $140 million stock repurchase
 program completed in this year's first quarter.
     Capital spending for fiscal 2001 was $512 million, including $114 million
 in capital leases, primarily funding retail store expansion and technology
 investments.  New store openings for fiscal 2002 are projected at 10 to
 15 price superstores and 100 to 120 limited assortment stores including
 licensed locations.  Fiscal 2002 total capital spending is projected at
 approximately $475 million, including $80 million in capital leases.
 
     A conference call to review the full year results is scheduled for
 4:30 p.m. (CDT) today.  A live webcast of the call will be available at
 http://www.supervalu.com .  An archive of the call is also accessible on the
 web site. You may also access SUPERVALU information on the Internet at
 http://www.supervalu.com
     SUPERVALU operates a total of 1,194 stores including licensed locations.
 At year end, SUPERVALU operates 207 price superstores under the Cub Foods,
 Shop 'N Save, Shoppers Food Warehouse, Metro and bigg's banners; 905 limited
 assortment stores, including 727 licensed locations that operate under the
 Save-A-Lot banner; and 82 other supermarkets, including Farm Fresh, Laneco,
 Scott's Foods, and Hornbachers stores.  SUPERVALU also serves as primary
 supplier to approximately 3,200 supermarkets and 55 Cub Foods franchised
 locations, while serving as secondary supplier to approximately 2,250 stores.
     SUPERVALU is the 10th largest supermarket retailer in the country and is
 this nation's largest food distributor to grocery retailers. At year-end,
 SUPERVALU had approximately 62,000 employees.
     Forward-looking statements in this news release, if any, are made under
 the safe harbor provisions of the Private Securities Litigation Reform Act of
 1995.  SUPERVALU does not undertake to update forward looking statements made
 in this news release to reflect actual results, changes in assumptions or
 changes in other factors affecting such forward looking statements.  Certain
 important factors could cause results to differ materially from those
 anticipated by the forward-looking statements, including the impact of
 changing economic or business conditions, the impact of competition, the
 nature and extent of the consolidation of the retail food and food
 distribution industries, the ability to attract and retain customers for the
 company's food distribution operations and to control food distribution costs,
 the execution of restructuring activities, the availability of favorable
 credit and trade terms, food price changes, other risk factors inherent in the
 food wholesaling and retail businesses and other factors discussed from time
 to time in reports filed by the company with the Securities and Exchange
 Commission.
 
 
                      CONSOLIDATED STATEMENTS OF EARNINGS
 
                        SUPERVALU INC. and Subsidiaries
                     (In thousands, except per share data)
 
                              Before restructure and
                                other adjustments
                                  Fourth Quarter         Fourth Quarter
                                 (12 weeks) ended       (12 weeks) ended
                                           Restructure
                                Feb. 24,    and other  Feb. 24,   Feb. 26,
                                  2001     adjustments   2001       2000
 
     Net sales                 $5,486,825        $--  $5,486,825 $5,541,852
 
     Costs and expenses:
        Cost of sales           4,837,569     17,088   4,854,657  4,886,784
        Selling and
         administrative
         expenses                 490,592     51,779     542,371    479,939
        Amortization of
         goodwill                  11,463         --      11,463     11,514
        Restructuring and
         other charges                 --    171,264     171,264         --
        Interest
           Interest expense        50,301         --      50,301     46,735
           Interest income          5,328         --       5,328      4,264
              Interest expense,
               net                 44,973         --      44,973     42,471
 
                 Total costs
                  and expenses  5,384,597    240,131   5,624,728  5,420,708
 
 
     Earnings (loss) before
      income taxes                102,228   (240,131)   (137,903)   121,144
 
     Income tax expense
      (benefit)                    41,096    (86,192)    (45,096)    49,060
 
     Net earnings (loss)          $61,132  $(153,939)   $(92,807)   $72,084
 
 
     Net earnings (loss) per
      common share -- diluted       $0.46     $(1.16)     $(0.70)     $0.52
     Net earnings per common
      share -- diluted (before
      one-time items)               $0.46        $--       $0.46      $0.52
     Net earnings (loss) per
      common share -- basic         $0.46     $(1.16)     $(0.70)     $0.52
     Cash earnings (loss) per
      common share -- diluted       $0.54     $(1.16)     $(0.62)     $0.60
     Cash earnings per common
      share -- diluted (before
      one-time items)               $0.54        $--       $0.54      $0.60
 
 
     Weighted average number
      of common shares outstanding
              Diluted             132,404                132,404    138,545
              Basic               132,356                132,356    138,078
 
     Dividends declared per
      common share                $0.1375                $0.1375    $0.1350
 
 
     Fiscal 2001 includes total pretax adjustments of $240.1 million, including
 $171.3 million of restructuring and other charges related primarily to
 consolidation of distribution facilities, exit of certain non-core retail
 markets, and write-off of other items.  Fiscal 2001 also includes
 $17.1 million in cost of sales for inventory markdowns related to
 restructuring exit activities and $51.8 million in selling and administrative
 expenses primarily for store closing reserves of $32.2 million and the
 write-off of certain uncollectible receivables of $12.0 million.
 
 
                      CONSOLIDATED STATEMENTS OF EARNINGS
 
                        SUPERVALU INC. and Subsidiaries
                     (In thousands, except per share data)
 
                                       Before restructure
                                     and other adjustments
                                          Year-to-date             Year-to-date
                                           (52 weeks)               (52 weeks)
                                              ended                   ended
                                                       Restructure
                                                        and other
                                             Feb. 24,  adjustments   Feb. 24,
                                               2001                    2001
 
     Net sales                             $23,194,279        $--  $23,194,279
 
     Costs and expenses:
        Cost of sales                       20,618,476     17,088   20,635,564
        Selling and administrative
         expenses                            1,941,075     51,779    1,992,854
        Amortization of goodwill                49,405         --       49,405
        Restructuring and other charges             --    171,264      171,264
        Interest
           Interest expense                    212,898         --      212,898
           Interest income                      22,063         --       22,063
              Interest expense, net            190,835         --      190,835
                 Total costs and expenses   22,799,791    240,131   23,039,922
 
     Earnings before income taxes              394,488   (240,131)     154,357
     Income tax expense                        158,584    (86,192)      72,392
     Net earnings                             $235,904  $(153,939)     $81,965
 
     Net earnings per common share - diluted     $1.78     $(1.16)       $0.62
     Net earnings per common share - diluted
      (before one-time items)                    $1.78        $--        $1.78
     Net earnings per common share - basic       $1.78     $(1.16)       $0.62
     Cash earnings per common share - diluted    $2.14     $(1.16)       $0.98
     Cash earnings per common share - diluted
      (before one-time items)                    $2.14        $--        $2.14
 
     Weighted average number of common
      shares outstanding
              Diluted                          132,829                 132,829
              Basic                            132,251                 132,251
 
     Dividends declared per common share       $0.5475                 $0.5475
 
 
     Fiscal 2001 includes total pretax adjustments of $240.1 million, including
 $171.3 million of restructuring and other charges related primarily to
 consolidation of distribution facilities, exit of certain non core retail
 markets, and write-off of other items.  Fiscal 2001 also includes
 $17.1 million in cost of sales for inventory markdowns related to
 restructuring exit activities and $51.8 million in selling and administrative
 expenses primarily for store closing reserves of $32.2 million and the write-
 off of certain uncollectible receivables of $12.0 million.
 
 
                      CONSOLIDATED STATEMENTS OF EARNINGS
 
                        SUPERVALU INC. and Subsidiaries
                     (In thousands, except per share data)
 
                                        Before restructure
                                      and other adjustments
                                           Year-to-date           Year-to-date
                                            (52 weeks)             (52 weeks)
                                               ended                 ended
                                                        Restructure
                                              Feb. 26,   and other   Feb. 26,
                                                2000    adjustments   2000
 
     Net sales                              $20,339,079      $--   $20,339,079
 
     Costs and expenses:
        Cost of sales                        18,111,296       --    18,111,296
        Selling and administrative expenses   1,669,746       --     1,669,746
        Amortization of goodwill                 35,257       --        35,257
        (Gain) loss on sale                          -- (163,662)     (163,662)
        Restructuring and other charges              --  103,596       103,596
        Interest
           Interest expense                     154,482       --       154,482
           Interest income                       19,090       --        19,090
              Interest expense, net             135,392       --       135,392
                 Total costs and expenses    19,951,691  (60,066)   19,891,625
 
 
     Earnings before income taxes               387,388   60,066       447,454
     Income tax expense                         155,392   49,121       204,513
     Net earnings                              $231,996  $10,945      $242,941
 
     Net earnings per common share - diluted      $1.78    $0.08         $1.87
     Net earnings per common share - diluted
      (before one-time items)                     $1.78      $--         $1.78
     Net earnings per common share - basic        $1.80    $0.08         $1.88
     Cash earnings per common share - diluted     $2.04    $0.08         $2.12
     Cash earnings per common share - diluted
      (before one-time items)                     $2.04      $--         $2.04
 
     Weighted average number of common
      shares outstanding
              Diluted                           130,090                130,090
              Basic                             129,162                129,162
 
     Dividends declared per common share        $0.5375                $0.5375
 
 
     The fiscal 2000 operating earnings reflect total pretax net adjustments of
 $60.1 million.  This includes $103.6 million of restructuring and other
 charges related primarily to facility consolidation, non-core store disposal,
 and rationalization of redundant and certain decentralized administrative
 functions.  It also reflects a pretax gain on the sale of Hazelwood Farms
 Bakeries of $163.7 million.  These items represent an after tax net gain of
 $10.9 million or $.08 per diluted share.
 
 
                        SUPERVALU INC. and Subsidiaries
 
                     Composition of Net Sales and Earnings
 
     The following table sets
      forth the composition of
      the company's net sales
      and earnings.
      (In thousands)
 
                   Before Restructure
                 and other adjustments
                     Fourth Quarter               Fourth Quarter (12 weeks)
                       (12 weeks)                          ended
                         ended
                          Actual    Restructure    Actual       Last Year
                         Feb. 24,    and other    Feb. 24,       Feb. 26,
                           2001     adjustments     2001           2000
     Net sales
     Retail food        $2,355,422         $--   $2,355,422     $2,288,827
          % of total          42.9 %                   42.9 %         41.3 %
     Food distribution   3,131,403          --    3,131,403      3,253,025
          % of total          57.1 %                   57.1 %         58.7 %
 
     Total net sales    $5,486,825         $--   $5,486,825     $5,541,852
                             100.0 %                  100.0 %        100.0 %
 
     Earnings
     Retail food           $81,556    $(44,499)     $37,057       $108,208
          % of sales           3.5 %                    1.6 %          4.7 %
     Food distribution      74,171     (24,368)      49,803         69,005
          % of sales           2.4 %                    1.6 %          2.1 %
     Restructuring and
      other charges             --    (171,264)    (171,264)            --
     Total operating
      earning (loss)       155,727    (240,131)     (84,404)       177,213
          % of sales           2.8 %                   (1.5)%          3.2 %
 
     Interest income         5,328          --        5,328          4,264
     Interest expense      (50,301)         --      (50,301)       (46,735)
     General corporate
      expenses              (8,526)         --       (8,526)       (13,598)
     Earnings (loss)
      before income taxes  102,228    (240,131)    (137,903)       121,144
 
     Income tax (expense)
      benefit              (41,096)     86,192       45,096        (49,060)
     Net earnings (loss)   $61,132   $(153,939)    $(92,807)       $72,084
 
     Pretax LIFO expense   $(1,698)        $--      $(1,698)       $(2,301)
     Pretax
      depreciation and
      amortization         $82,820      $7,537      $90,357        $75,162
 
 
     Industry segment operating earnings were computed as total revenue less
 associated operating expenses, which excluded general corporate expenses, net
 interest expense and income taxes.
     The fiscal 2001 operating earnings reflect total pretax adjustments of
 $240.1 million, including $171.3 of restructuring and other charges related
 primarily to consolidation of distribution facilities, exit of certain
 non-core retail markets, and the write-off of other items.  Retail food other
 adjustments include $44.5 million in retail food for store closing reserves
 and inventory markdowns for restructure exit activities.  Food distribution
 other adjustments include $24.4 million for inventory markdowns for
 restructure exit activities and the write-off of certain uncollectible
 receivables.  The $171.3 million charges by segment were $59.8 million for
 retail food and $111.5 million for food distribution.
 
 
                        SUPERVALU INC. and Subsidiaries
 
                     Composition of Net Sales and Earnings
 
     The following table sets
      forth the composition of
      the company's net sales
      and earnings.
      (In thousands)
                                   Before restructure
                                 and other adjustments
                                      Year-to-date                Year-to-date
                                       (52 weeks)                  (52 weeks)
                                          ended                      ended
                                                     Restructure
                                          Actual       and other    Actual
                                         Feb. 24,    adjustments   Feb. 24,
                                           2001                      2001
     Net sales
     Retail food                        $9,353,992        $--     $9,353,992
          % of total                          40.3 %                    40.3 %
     Food distribution                  13,840,287         --     13,840,287
          % of total                          59.7 %                    59.7 %
 
     Total net sales                   $23,194,279        $--    $23,194,279
                                             100.0 %                   100.0 %
 
     Earnings
     Retail food                          $345,786   $(44,499)      $301,287
          % of sales                           3.7 %                     3.2 %
     Food distribution                     275,377    (24,368)       251,009
          % of sales                           2.0 %                     1.8 %
     Restructuring and other charges            --   (171,264)      (171,264)
 
     Total operating earnings              621,163   (240,131)       381,032
          % of sales                           2.7 %                     1.6 %
 
     Interest income                        22,063         --         22,063
     Interest expense                     (212,898)        --       (212,898)
     General corporate expenses            (35,840)        --        (35,840)
     Earnings before income taxes          394,488   (240,131)       154,357
 
     Income tax expense                   (158,584)    86,192        (72,392)
 
     Net earnings                         $235,904  $(153,939)       $81,965
 
     Pretax LIFO expense                   $(4,991)       $--        $(4,991)
 
     Pretax depreciation and
      amortization                        $336,242     $7,537       $343,779
 
 
     Industry segment operating earnings were computed as total revenue less
 associated operating expenses, which excluded general corporate expenses, net
 interest expense and income taxes.
     The fiscal 2001 operating earnings reflect total pretax adjustments of
 $240.1 million, including $171.3 of restructuring and other charges related
 primarily to consolidation of distribution facilities, exit of certain
 non-core retail markets, and the write-off of other items.  Retail food other
 adjustments include $44.5 million in retail food for store closing reserves
 and inventory markdowns for restructure exit activities.  Food distribution
 other adjustments include $24.4 million for inventory markdowns for
 restructure exit activities and the write-off of certain uncollectible
 receivables.  The $171.3 million charges by segment were $59.8 million for
 retail food and $111.5 million for food distribution.
 
 
                        SUPERVALU INC. and Subsidiaries
 
                     Composition of Net Sales and Earnings
 
     The following table sets
      forth the composition of
      the company's net sales
      and earnings.
      (In thousands)
 
                                     Before restructure
                                   and other adjustments
                                        Year-to-date             Year-to-date
                                         (52 weeks)               (52 weeks)
                                            ended                   ended
                                                     Restructure
                                                       and other
                                          Feb. 26,    adjustments  Feb. 26,
                                            2000                     2000
     Net sales
     Retail food                         $8,069,767       $--     $8,069,767
          % of total                           39.7 %                   39.7 %
     Food distribution                   12,269,312        --     12,269,312
          % of total                           60.3 %                   60.3 %
 
     Total net sales                    $20,339,079       $--    $20,339,079
                                              100.0 %                  100.0 %
     Earnings
     Retail food                           $340,707       $--       $340,707
          % of sales                            4.2 %                    4.2 %
     Food distribution                      223,429        --        223,429
          % of sales                            1.8 %                    1.8 %
     Gain on sale                                --   163,662        163,662
     Restructuring and other charges             --  (103,596)      (103,596)
 
     Total operating earnings               564,136    60,066        624,202
          % of sales                            2.8 %                    3.1 %
 
     Interest income                         19,090        --         19,090
     Interest expense                      (154,482)       --       (154,482)
     General corporate expenses             (41,356)       --        (41,356)
     Earnings before income taxes           387,388    60,066        447,454
 
     Income tax expense                    (155,392)  (49,121)      (204,513)
 
     Net earnings                          $231,996   $10,945       $242,941
 
     Pretax LIFO expense                    $(8,253)      $--        $(8,253)
 
     Pretax depreciation and
      amortization                         $277,062       $--       $277,062
 
 
     Industry segment operating earnings were computed as total revenue less
 associated operating expenses, which excluded general corporate expenses, net
 interest expense and income taxes.
     The fiscal 2000 operating earnings reflect total pretax net adjustments of
 $60.1 million, including $103.6 million of restructuring and other charges
 related primarily to facility consolidation, non-core store disposal, and
 rationalization of redundant and certain decentralized administrative
 functions.  These charges by segment were $19.4 million for retail and
 $84.2 million for food distribution.  It also reflects a pretax gain on the
 sale of Hazelwood Farms Bakeries of $163.7 million.  These items represent an
 after tax gain of $10.9 million or $.08 per diluted share.
 
 
                     CONDENSED CONSOLIDATED BALANCE SHEETS
 
                        SUPERVALU INC. and Subsidiaries
                                 (In thousands)
 
                                              Fiscal Year End   Fiscal Year End
                                                 February 24,     February 26,
                                                     2001              2000
     Assets
     Current Assets
         Cash and cash equivalents                   10,396           $10,920
         Receivables, net                           582,923           562,448
         Inventories                              1,350,061         1,490,454
         Other current assets                       148,296           113,817
 
                  Total current assets            2,091,676         2,177,639
 
     Long-term receivables                          161,388           179,224
     Property, plant and equipment, net           2,232,794         2,168,210
 
     Other Assets
         Goodwill                                 1,576,780         1,608,580
         Other                                      344,534           361,700
 
     Total assets                                $6,407,172        $6,495,353
 
 
     Liabilities and Stockholders' Equity
     Current Liabilities
         Notes payable                             $579,039          $576,513
         Accounts payable                         1,396,011         1,430,312
         Current debt and obligations
          under capital leases                       54,668           200,282
         Other current liabilities                  311,452           302,513
 
                  Total current liabilities       2,341,170         2,509,620
 
     Long-term debt and obligations under
      capital leases                              2,008,474         1,953,741
     Other liabilities and deferred income taxes    264,033           210,513
 
     Total stockholders' equity                   1,793,495         1,821,479
 
     Total liabilities and stockholders' equity  $6,407,172        $6,495,353
 
 

SOURCE SUPERVALU INC.
    MINNEAPOLIS, April 4 /PRNewswire/ -- SUPERVALU INC. (NYSE:   SVU) today
 reported results for the fiscal year 2001 which ended February 24, 2001.  For
 the full year, excluding restructure and other adjustments, the Company
 reported a 14 percent sales increase to $23.2 billion compared to last year's
 $20.3 billion, net earnings of $235.9 million a slight increase from last
 year's $232.0 million, diluted earnings per share of $1.78, flat with last
 year.  Cash earnings per share excluding restructure and other adjustments
 increased 4.9 percent to $2.14.  Earnings before interest, taxes,
 depreciation, and amortization (EBITDA) excluding restructure and other
 adjustments, were $921.6 million, or 4.0 percent of sales compared to last
 year's $799.8 million, or 3.9 percent of sales.
     The Company also announced today a $240.1 million pretax charge as a
 result of a company-wide asset review process.  The charge includes the
 consolidation of distribution facilities, the exit of certain non-core retail
 markets, the disposal of under-performing retail stores, a total workforce
 reduction of approximately 4,500 employees, and the write-off of other items.
 The after tax impact of the charge on earnings is $153.9 million, or $1.16 per
 share. Including the charges, SUPERVALU reported net earnings for the full
 year of $82.0 million, or $0.62 diluted earnings per share.
     Mike Wright, SUPERVALU chairman, and chief executive officer said, "Fiscal
 2001 was a year of mixed results.  We successfully completed the integration
 of Richfood achieving $30 million of expected synergies, grew retail square
 footage by five percent, positioned Save-A-Lot to surpass the 1000th store
 level this year, made additional strides in reducing inventory levels, and
 began an important transition in senior management.  We also encountered
 intense competition in certain retail markets in Illinois, Indiana and Ohio
 that was the principal cause of an earnings shortfall during the last half of
 the year.  Nonetheless, for the year, we had solid performance from the
 majority of our retail banners and distribution regions."
     Wright continued, "In addition, late in the fiscal year, we withdrew from
 the bidding for a long-term supply arrangement with our largest customer,
 Kmart, and today are in the process of unwinding this business.  As a result
 of these events, we are taking the appropriate steps to build upon our
 strengths and successes and improve our returns."
     Company-Wide Asset Review -- In conjunction with SUPERVALU's effort to
 create a new platform for growth, a company-wide asset review process was
 conducted to identify assets that do not meet return objectives, provide
 long-term strategic opportunities, or justify additional capital investment.
 As a result, the Company recorded a $240.1 million pre tax charge, or
 $153.9 million after tax charge in the fourth quarter of fiscal 2001.
     The future benefits of these activities include the generation of
 approximately $60 million of free cash flow, which reflects cash proceeds from
 asset sales and working capital reductions.  The earnings per share benefit of
 the restructuring activity is estimated to be minimal in fiscal 2002 and
 contribute $0.07 to $0.09 by fiscal 2003.
     Jeff Noddle, SUPERVALU president and chief operating officer, said, "To
 establish a new platform for growth and to compete more effectively, we will
 reconfigure our business base to lower our cost structure and become more
 focused on those markets or business activities where we will generate growth
 and higher returns."
     Noddle continued, "Fiscal 2002 will encompass two large events.  They are
 the elimination of approximately $1.7 billion in revenues from the phase out
 of the Kmart business and the related $0.18 to $0.22 per share negative
 impact, and the execution and timing of the restructuring activity.  In
 addition, we are actively rebuilding our retail business but will still
 experience difficult comparisons against last year's strong first half
 results.  Our preliminary fiscal 2002 earnings per share outlook for the first
 quarter and full year is $0.43 to $0.45 and $1.70 to $1.80, respectively, with
 cash earnings per share for the full year of $2.07 to $2.17.  I am committed
 to the successful execution of our many activities during fiscal 2002 thereby
 setting the stage for a strong fiscal 2003."
 
     Segment Results Before Restructuring and Other Adjustments
     Retail Food Segment -- For the year, retail sales grew to $9.4 billion, an
 increase of 15.9 percent.  Fourth quarter sales of $2.4 billion increased
 2.9 percent from last year. The company continued its expansion of retail
 during fiscal 2001 increasing square footage by 5 percent over the prior year.
 Fiscal 2001 store activity, including licensed units, resulted in 117 new
 store openings, five stores acquired, 45 stores closed or sold for a total of
 1,194 stores at year-end.  Comparable sales for the year were negative four
 percent and negative five percent in the fourth quarter as the competitive
 environment remained intense all year and fourth quarter results compared
 against prior year Y2K sales gains.
     Operating earnings for the full year grew to $345.8 million, a slight
 increase from last year's $340.7 million. Operating earnings of the retail
 business for the fourth quarter declined to $81.6 million from $108.2 million
 last year.  The slight improvement in full year operating earnings reflects
 the full year benefit from the Richfood acquisition, substantially offset by
 higher advertising and promotional spending coupled with weakening comparable
 sales performance during the second half of the year.
     For the year, SUPERVALU's retail segment generated $518.3 million in
 EBITDA, or 5.5 percent of sales.
 
     Food Distribution Segment -- For the year, food distribution sales climbed
 to $13.8 billion, up 12.8 percent from last year's level.  Fourth quarter
 sales declined to $3.1 billion from $3.3 billion versus the prior year.
 Results for the year were driven primarily by the additional customers from
 the Richfood acquisition and Kmart volume, offset in part by the anticipated
 loss of the Giant of Carlisle business.
     Operating earnings for the full year grew to $275.4 million, an increase
 of almost 23.3 percent, or a 20 basis point improvement in operating margin
 over the prior year.  For the fourth quarter, operating earnings rose
 7.5 percent, or a 30 basis point improvement over last year's fourth quarter.
 Full year operating earnings reflects the full year benefit from the Richfood
 acquisition along with additional integration synergies during the second
 half.  In addition, the full year benefited from increased Kmart volume and
 cost and inventory reduction activities that more than offset increased labor
 expense.
     For the year, distribution EBITDA was $436.0 million, or 3.2 percent of
 sales up 40 basis points from the prior year.
 
     Other Items -- Diluted average shares outstanding increased slightly for
 the year to 132.8 million shares reflecting the full year impact of the
 Richfood acquisition net of the share repurchase program completed earlier in
 the fiscal year.  Net interest expense increased 40.9 percent and 5.9 percent
 for the full year and the fourth quarter respectively, reflecting the full
 year impact of Richfood acquisition debt and the $140 million stock repurchase
 program completed in this year's first quarter.
     Capital spending for fiscal 2001 was $512 million, including $114 million
 in capital leases, primarily funding retail store expansion and technology
 investments.  New store openings for fiscal 2002 are projected at 10 to
 15 price superstores and 100 to 120 limited assortment stores including
 licensed locations.  Fiscal 2002 total capital spending is projected at
 approximately $475 million, including $80 million in capital leases.
 
     A conference call to review the full year results is scheduled for
 4:30 p.m. (CDT) today.  A live webcast of the call will be available at
 http://www.supervalu.com .  An archive of the call is also accessible on the
 web site. You may also access SUPERVALU information on the Internet at
 http://www.supervalu.com
     SUPERVALU operates a total of 1,194 stores including licensed locations.
 At year end, SUPERVALU operates 207 price superstores under the Cub Foods,
 Shop 'N Save, Shoppers Food Warehouse, Metro and bigg's banners; 905 limited
 assortment stores, including 727 licensed locations that operate under the
 Save-A-Lot banner; and 82 other supermarkets, including Farm Fresh, Laneco,
 Scott's Foods, and Hornbachers stores.  SUPERVALU also serves as primary
 supplier to approximately 3,200 supermarkets and 55 Cub Foods franchised
 locations, while serving as secondary supplier to approximately 2,250 stores.
     SUPERVALU is the 10th largest supermarket retailer in the country and is
 this nation's largest food distributor to grocery retailers. At year-end,
 SUPERVALU had approximately 62,000 employees.
     Forward-looking statements in this news release, if any, are made under
 the safe harbor provisions of the Private Securities Litigation Reform Act of
 1995.  SUPERVALU does not undertake to update forward looking statements made
 in this news release to reflect actual results, changes in assumptions or
 changes in other factors affecting such forward looking statements.  Certain
 important factors could cause results to differ materially from those
 anticipated by the forward-looking statements, including the impact of
 changing economic or business conditions, the impact of competition, the
 nature and extent of the consolidation of the retail food and food
 distribution industries, the ability to attract and retain customers for the
 company's food distribution operations and to control food distribution costs,
 the execution of restructuring activities, the availability of favorable
 credit and trade terms, food price changes, other risk factors inherent in the
 food wholesaling and retail businesses and other factors discussed from time
 to time in reports filed by the company with the Securities and Exchange
 Commission.
 
 
                      CONSOLIDATED STATEMENTS OF EARNINGS
 
                        SUPERVALU INC. and Subsidiaries
                     (In thousands, except per share data)
 
                              Before restructure and
                                other adjustments
                                  Fourth Quarter         Fourth Quarter
                                 (12 weeks) ended       (12 weeks) ended
                                           Restructure
                                Feb. 24,    and other  Feb. 24,   Feb. 26,
                                  2001     adjustments   2001       2000
 
     Net sales                 $5,486,825        $--  $5,486,825 $5,541,852
 
     Costs and expenses:
        Cost of sales           4,837,569     17,088   4,854,657  4,886,784
        Selling and
         administrative
         expenses                 490,592     51,779     542,371    479,939
        Amortization of
         goodwill                  11,463         --      11,463     11,514
        Restructuring and
         other charges                 --    171,264     171,264         --
        Interest
           Interest expense        50,301         --      50,301     46,735
           Interest income          5,328         --       5,328      4,264
              Interest expense,
               net                 44,973         --      44,973     42,471
 
                 Total costs
                  and expenses  5,384,597    240,131   5,624,728  5,420,708
 
 
     Earnings (loss) before
      income taxes                102,228   (240,131)   (137,903)   121,144
 
     Income tax expense
      (benefit)                    41,096    (86,192)    (45,096)    49,060
 
     Net earnings (loss)          $61,132  $(153,939)   $(92,807)   $72,084
 
 
     Net earnings (loss) per
      common share -- diluted       $0.46     $(1.16)     $(0.70)     $0.52
     Net earnings per common
      share -- diluted (before
      one-time items)               $0.46        $--       $0.46      $0.52
     Net earnings (loss) per
      common share -- basic         $0.46     $(1.16)     $(0.70)     $0.52
     Cash earnings (loss) per
      common share -- diluted       $0.54     $(1.16)     $(0.62)     $0.60
     Cash earnings per common
      share -- diluted (before
      one-time items)               $0.54        $--       $0.54      $0.60
 
 
     Weighted average number
      of common shares outstanding
              Diluted             132,404                132,404    138,545
              Basic               132,356                132,356    138,078
 
     Dividends declared per
      common share                $0.1375                $0.1375    $0.1350
 
 
     Fiscal 2001 includes total pretax adjustments of $240.1 million, including
 $171.3 million of restructuring and other charges related primarily to
 consolidation of distribution facilities, exit of certain non-core retail
 markets, and write-off of other items.  Fiscal 2001 also includes
 $17.1 million in cost of sales for inventory markdowns related to
 restructuring exit activities and $51.8 million in selling and administrative
 expenses primarily for store closing reserves of $32.2 million and the
 write-off of certain uncollectible receivables of $12.0 million.
 
 
                      CONSOLIDATED STATEMENTS OF EARNINGS
 
                        SUPERVALU INC. and Subsidiaries
                     (In thousands, except per share data)
 
                                       Before restructure
                                     and other adjustments
                                          Year-to-date             Year-to-date
                                           (52 weeks)               (52 weeks)
                                              ended                   ended
                                                       Restructure
                                                        and other
                                             Feb. 24,  adjustments   Feb. 24,
                                               2001                    2001
 
     Net sales                             $23,194,279        $--  $23,194,279
 
     Costs and expenses:
        Cost of sales                       20,618,476     17,088   20,635,564
        Selling and administrative
         expenses                            1,941,075     51,779    1,992,854
        Amortization of goodwill                49,405         --       49,405
        Restructuring and other charges             --    171,264      171,264
        Interest
           Interest expense                    212,898         --      212,898
           Interest income                      22,063         --       22,063
              Interest expense, net            190,835         --      190,835
                 Total costs and expenses   22,799,791    240,131   23,039,922
 
     Earnings before income taxes              394,488   (240,131)     154,357
     Income tax expense                        158,584    (86,192)      72,392
     Net earnings                             $235,904  $(153,939)     $81,965
 
     Net earnings per common share - diluted     $1.78     $(1.16)       $0.62
     Net earnings per common share - diluted
      (before one-time items)                    $1.78        $--        $1.78
     Net earnings per common share - basic       $1.78     $(1.16)       $0.62
     Cash earnings per common share - diluted    $2.14     $(1.16)       $0.98
     Cash earnings per common share - diluted
      (before one-time items)                    $2.14        $--        $2.14
 
     Weighted average number of common
      shares outstanding
              Diluted                          132,829                 132,829
              Basic                            132,251                 132,251
 
     Dividends declared per common share       $0.5475                 $0.5475
 
 
     Fiscal 2001 includes total pretax adjustments of $240.1 million, including
 $171.3 million of restructuring and other charges related primarily to
 consolidation of distribution facilities, exit of certain non core retail
 markets, and write-off of other items.  Fiscal 2001 also includes
 $17.1 million in cost of sales for inventory markdowns related to
 restructuring exit activities and $51.8 million in selling and administrative
 expenses primarily for store closing reserves of $32.2 million and the write-
 off of certain uncollectible receivables of $12.0 million.
 
 
                      CONSOLIDATED STATEMENTS OF EARNINGS
 
                        SUPERVALU INC. and Subsidiaries
                     (In thousands, except per share data)
 
                                        Before restructure
                                      and other adjustments
                                           Year-to-date           Year-to-date
                                            (52 weeks)             (52 weeks)
                                               ended                 ended
                                                        Restructure
                                              Feb. 26,   and other   Feb. 26,
                                                2000    adjustments   2000
 
     Net sales                              $20,339,079      $--   $20,339,079
 
     Costs and expenses:
        Cost of sales                        18,111,296       --    18,111,296
        Selling and administrative expenses   1,669,746       --     1,669,746
        Amortization of goodwill                 35,257       --        35,257
        (Gain) loss on sale                          -- (163,662)     (163,662)
        Restructuring and other charges              --  103,596       103,596
        Interest
           Interest expense                     154,482       --       154,482
           Interest income                       19,090       --        19,090
              Interest expense, net             135,392       --       135,392
                 Total costs and expenses    19,951,691  (60,066)   19,891,625
 
 
     Earnings before income taxes               387,388   60,066       447,454
     Income tax expense                         155,392   49,121       204,513
     Net earnings                              $231,996  $10,945      $242,941
 
     Net earnings per common share - diluted      $1.78    $0.08         $1.87
     Net earnings per common share - diluted
      (before one-time items)                     $1.78      $--         $1.78
     Net earnings per common share - basic        $1.80    $0.08         $1.88
     Cash earnings per common share - diluted     $2.04    $0.08         $2.12
     Cash earnings per common share - diluted
      (before one-time items)                     $2.04      $--         $2.04
 
     Weighted average number of common
      shares outstanding
              Diluted                           130,090                130,090
              Basic                             129,162                129,162
 
     Dividends declared per common share        $0.5375                $0.5375
 
 
     The fiscal 2000 operating earnings reflect total pretax net adjustments of
 $60.1 million.  This includes $103.6 million of restructuring and other
 charges related primarily to facility consolidation, non-core store disposal,
 and rationalization of redundant and certain decentralized administrative
 functions.  It also reflects a pretax gain on the sale of Hazelwood Farms
 Bakeries of $163.7 million.  These items represent an after tax net gain of
 $10.9 million or $.08 per diluted share.
 
 
                        SUPERVALU INC. and Subsidiaries
 
                     Composition of Net Sales and Earnings
 
     The following table sets
      forth the composition of
      the company's net sales
      and earnings.
      (In thousands)
 
                   Before Restructure
                 and other adjustments
                     Fourth Quarter               Fourth Quarter (12 weeks)
                       (12 weeks)                          ended
                         ended
                          Actual    Restructure    Actual       Last Year
                         Feb. 24,    and other    Feb. 24,       Feb. 26,
                           2001     adjustments     2001           2000
     Net sales
     Retail food        $2,355,422         $--   $2,355,422     $2,288,827
          % of total          42.9 %                   42.9 %         41.3 %
     Food distribution   3,131,403          --    3,131,403      3,253,025
          % of total          57.1 %                   57.1 %         58.7 %
 
     Total net sales    $5,486,825         $--   $5,486,825     $5,541,852
                             100.0 %                  100.0 %        100.0 %
 
     Earnings
     Retail food           $81,556    $(44,499)     $37,057       $108,208
          % of sales           3.5 %                    1.6 %          4.7 %
     Food distribution      74,171     (24,368)      49,803         69,005
          % of sales           2.4 %                    1.6 %          2.1 %
     Restructuring and
      other charges             --    (171,264)    (171,264)            --
     Total operating
      earning (loss)       155,727    (240,131)     (84,404)       177,213
          % of sales           2.8 %                   (1.5)%          3.2 %
 
     Interest income         5,328          --        5,328          4,264
     Interest expense      (50,301)         --      (50,301)       (46,735)
     General corporate
      expenses              (8,526)         --       (8,526)       (13,598)
     Earnings (loss)
      before income taxes  102,228    (240,131)    (137,903)       121,144
 
     Income tax (expense)
      benefit              (41,096)     86,192       45,096        (49,060)
     Net earnings (loss)   $61,132   $(153,939)    $(92,807)       $72,084
 
     Pretax LIFO expense   $(1,698)        $--      $(1,698)       $(2,301)
     Pretax
      depreciation and
      amortization         $82,820      $7,537      $90,357        $75,162
 
 
     Industry segment operating earnings were computed as total revenue less
 associated operating expenses, which excluded general corporate expenses, net
 interest expense and income taxes.
     The fiscal 2001 operating earnings reflect total pretax adjustments of
 $240.1 million, including $171.3 of restructuring and other charges related
 primarily to consolidation of distribution facilities, exit of certain
 non-core retail markets, and the write-off of other items.  Retail food other
 adjustments include $44.5 million in retail food for store closing reserves
 and inventory markdowns for restructure exit activities.  Food distribution
 other adjustments include $24.4 million for inventory markdowns for
 restructure exit activities and the write-off of certain uncollectible
 receivables.  The $171.3 million charges by segment were $59.8 million for
 retail food and $111.5 million for food distribution.
 
 
                        SUPERVALU INC. and Subsidiaries
 
                     Composition of Net Sales and Earnings
 
     The following table sets
      forth the composition of
      the company's net sales
      and earnings.
      (In thousands)
                                   Before restructure
                                 and other adjustments
                                      Year-to-date                Year-to-date
                                       (52 weeks)                  (52 weeks)
                                          ended                      ended
                                                     Restructure
                                          Actual       and other    Actual
                                         Feb. 24,    adjustments   Feb. 24,
                                           2001                      2001
     Net sales
     Retail food                        $9,353,992        $--     $9,353,992
          % of total                          40.3 %                    40.3 %
     Food distribution                  13,840,287         --     13,840,287
          % of total                          59.7 %                    59.7 %
 
     Total net sales                   $23,194,279        $--    $23,194,279
                                             100.0 %                   100.0 %
 
     Earnings
     Retail food                          $345,786   $(44,499)      $301,287
          % of sales                           3.7 %                     3.2 %
     Food distribution                     275,377    (24,368)       251,009
          % of sales                           2.0 %                     1.8 %
     Restructuring and other charges            --   (171,264)      (171,264)
 
     Total operating earnings              621,163   (240,131)       381,032
          % of sales                           2.7 %                     1.6 %
 
     Interest income                        22,063         --         22,063
     Interest expense                     (212,898)        --       (212,898)
     General corporate expenses            (35,840)        --        (35,840)
     Earnings before income taxes          394,488   (240,131)       154,357
 
     Income tax expense                   (158,584)    86,192        (72,392)
 
     Net earnings                         $235,904  $(153,939)       $81,965
 
     Pretax LIFO expense                   $(4,991)       $--        $(4,991)
 
     Pretax depreciation and
      amortization                        $336,242     $7,537       $343,779
 
 
     Industry segment operating earnings were computed as total revenue less
 associated operating expenses, which excluded general corporate expenses, net
 interest expense and income taxes.
     The fiscal 2001 operating earnings reflect total pretax adjustments of
 $240.1 million, including $171.3 of restructuring and other charges related
 primarily to consolidation of distribution facilities, exit of certain
 non-core retail markets, and the write-off of other items.  Retail food other
 adjustments include $44.5 million in retail food for store closing reserves
 and inventory markdowns for restructure exit activities.  Food distribution
 other adjustments include $24.4 million for inventory markdowns for
 restructure exit activities and the write-off of certain uncollectible
 receivables.  The $171.3 million charges by segment were $59.8 million for
 retail food and $111.5 million for food distribution.
 
 
                        SUPERVALU INC. and Subsidiaries
 
                     Composition of Net Sales and Earnings
 
     The following table sets
      forth the composition of
      the company's net sales
      and earnings.
      (In thousands)
 
                                     Before restructure
                                   and other adjustments
                                        Year-to-date             Year-to-date
                                         (52 weeks)               (52 weeks)
                                            ended                   ended
                                                     Restructure
                                                       and other
                                          Feb. 26,    adjustments  Feb. 26,
                                            2000                     2000
     Net sales
     Retail food                         $8,069,767       $--     $8,069,767
          % of total                           39.7 %                   39.7 %
     Food distribution                   12,269,312        --     12,269,312
          % of total                           60.3 %                   60.3 %
 
     Total net sales                    $20,339,079       $--    $20,339,079
                                              100.0 %                  100.0 %
     Earnings
     Retail food                           $340,707       $--       $340,707
          % of sales                            4.2 %                    4.2 %
     Food distribution                      223,429        --        223,429
          % of sales                            1.8 %                    1.8 %
     Gain on sale                                --   163,662        163,662
     Restructuring and other charges             --  (103,596)      (103,596)
 
     Total operating earnings               564,136    60,066        624,202
          % of sales                            2.8 %                    3.1 %
 
     Interest income                         19,090        --         19,090
     Interest expense                      (154,482)       --       (154,482)
     General corporate expenses             (41,356)       --        (41,356)
     Earnings before income taxes           387,388    60,066        447,454
 
     Income tax expense                    (155,392)  (49,121)      (204,513)
 
     Net earnings                          $231,996   $10,945       $242,941
 
     Pretax LIFO expense                    $(8,253)      $--        $(8,253)
 
     Pretax depreciation and
      amortization                         $277,062       $--       $277,062
 
 
     Industry segment operating earnings were computed as total revenue less
 associated operating expenses, which excluded general corporate expenses, net
 interest expense and income taxes.
     The fiscal 2000 operating earnings reflect total pretax net adjustments of
 $60.1 million, including $103.6 million of restructuring and other charges
 related primarily to facility consolidation, non-core store disposal, and
 rationalization of redundant and certain decentralized administrative
 functions.  These charges by segment were $19.4 million for retail and
 $84.2 million for food distribution.  It also reflects a pretax gain on the
 sale of Hazelwood Farms Bakeries of $163.7 million.  These items represent an
 after tax gain of $10.9 million or $.08 per diluted share.
 
 
                     CONDENSED CONSOLIDATED BALANCE SHEETS
 
                        SUPERVALU INC. and Subsidiaries
                                 (In thousands)
 
                                              Fiscal Year End   Fiscal Year End
                                                 February 24,     February 26,
                                                     2001              2000
     Assets
     Current Assets
         Cash and cash equivalents                   10,396           $10,920
         Receivables, net                           582,923           562,448
         Inventories                              1,350,061         1,490,454
         Other current assets                       148,296           113,817
 
                  Total current assets            2,091,676         2,177,639
 
     Long-term receivables                          161,388           179,224
     Property, plant and equipment, net           2,232,794         2,168,210
 
     Other Assets
         Goodwill                                 1,576,780         1,608,580
         Other                                      344,534           361,700
 
     Total assets                                $6,407,172        $6,495,353
 
 
     Liabilities and Stockholders' Equity
     Current Liabilities
         Notes payable                             $579,039          $576,513
         Accounts payable                         1,396,011         1,430,312
         Current debt and obligations
          under capital leases                       54,668           200,282
         Other current liabilities                  311,452           302,513
 
                  Total current liabilities       2,341,170         2,509,620
 
     Long-term debt and obligations under
      capital leases                              2,008,474         1,953,741
     Other liabilities and deferred income taxes    264,033           210,513
 
     Total stockholders' equity                   1,793,495         1,821,479
 
     Total liabilities and stockholders' equity  $6,407,172        $6,495,353
 
 SOURCE  SUPERVALU INC.