Supervalu 2010 Annual Report Download

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annual report
FISCAL 2010

Table of contents

  • Page 1
    FISCAL 2010 annual report

  • Page 2
    ...per share data) Our Mission Net Sales 53 Weeks Ended February 28, 2009 52 Weeks Ended February 27, 2010 "We will provide America's Neighborhoods with a superior grocery shopping experience enhanced by local expertise, national strength and a passion for our customers." Retail Supply Chain Total...

  • Page 3
    ..., SUPERVALU will focus on simplifying the customer experience. We will be visible in the local communities in which we operate, work in partnership with independent retailers and provide customers with the services they need to conveniently complete their grocery shopping. At the core of our Company...

  • Page 4
    ... mission statement: "We will provide America's Neighborhoods with a superior grocery shopping experience enhanced by local expertise, national strength and a passion for our customers." I see significant opportunities for this Company and am excited to lead SUPERVALU as its chief executive officer...

  • Page 5
    ...the company for long-term success. As I end my career with SUPERVALU, I want to express my gratitude for the support our associates, management team, board of directors and stockholders have provided over the years. It has been a privilege to serve SUPERVALU and its customers. Jeff Noddle Executive...

  • Page 6
    ... VALLEY VIEW ROAD EDEN PRAIRIE, MINNESOTA (Address of principal executive offices) 41-0617000 (I.R.S. Employer Identification No.) 55344 (Zip Code) Registrant's telephone number, including area code: (952) 828-4000 Securities registered pursuant to Section 12(b) of the Act: Title of each class...

  • Page 7
    ... ...Executive Compensation ...Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters ...Certain Relationships and Related Transactions, and Director Independence ...Principal Accounting Fees and Services ...PART IV Exhibits and Financial Statement Schedules...

  • Page 8
    ... OF THE SECURITIES LITIGATION REFORM ACT Any statements contained in this Annual Report on Form 10-K regarding the outlook for the Company's businesses and their respective markets, such as projections of future performance, guidance, statements of the Company's plans and objectives, forecasts of...

  • Page 9
    ... competition or increased customer self-distribution • Changes in demographics or consumer preferences that affect consumer spending habits • The impact of consolidation in the Retail food and Supply chain services industries • The success of the Company's promotional and sales programs...

  • Page 10
    ... the grocery supply chain Accounting Matters • Changes in accounting standards that impact the Company's financial statements Goodwill and Intangible Asset Impairment Charges • Unfavorable changes in economic, industry or market conditions, business operations, competition or the Company's stock...

  • Page 11
    ... distribution and logistics and service solutions to its independent retail customers through its Supply chain services segment. The Company makes available free of charge at its internet website (www.supervalu.com) its annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports...

  • Page 12
    ...'s, Jewel-Osco, Lucky, Shaw's, Shop 'n Save, Shoppers Food & Pharmacy and Star Market banners ranging in size from approximately 40,000 to 60,000 square feet. The Company's traditional retail food stores provide an extensive grocery offering and, depending on size, a variety of additional products...

  • Page 13
    ... of the franchise or license program, a complete business concept, group advertising, private-label products and other benefits. The Company is the franchisor or licensor of certain service marks such as CUB FOODS, SAVE-A-LOT, SENTRY, FESTIVAL FOODS, COUNTY MARKET, SHOP 'N SAVE, NEWMARKET, FOODLAND...

  • Page 14
    ..., brand recognition, store location, in-store marketing and merchandising, promotional strategies and other competitive activities. The traditional wholesale distribution component of the Company's Supply chain services business competes directly with a number of traditional grocery wholesalers. The...

  • Page 15
    ... Resources, 2004-2006; Senior Vice President, Human Resources and Management Services, Save-A-Lot, 2000-2004 Executive Vice President, Retail West, 2007-2009 Senior Vice President; President, Retail West 2006-2007; President and CEO, California Division, Albertsons, 2004-2006; President, Jewel Osco...

  • Page 16
    ... competition in the Retail food and Supply chain services businesses The Company's Retail food business faces competition for customers, employees, store sites, products and in other important areas from traditional grocery retailers, including regional and national chains and independent food store...

  • Page 17
    ... and distribution facility locations. Competitive pressures on the Company's Retail food and Supply chain services businesses may cause the Company to experience: (i) reductions in the prices at which the Company is able to sell products at its retail locations or to its independent retail customers...

  • Page 18
    ... Company provides health benefits and sponsors defined pension and other post-retirement plans for substantially all employees not participating in multi-employer health and pension plans. The Company's costs to provide such benefits continue to increase annually and recent legislative and private...

  • Page 19
    ... of one or more of the Company's stores or distribution facilities, lack of an adequate work force in a market, temporary disruption in the supply of products, disruption in the transport of goods, delays in the delivery of goods to the Company's distribution centers or stores and a reduction in the...

  • Page 20
    ... effect on the Company's financial condition, results of operations or cash flows. In September 2008, a class action complaint was filed against the Company, as well as International Outsourcing Services, LLC ("IOS"), Inmar, Inc., Carolina Manufacturer's Services, Inc., Carolina Coupon Clearing, Inc...

  • Page 21
    ...In July 2009, a putative class action complaint was filed in the United States District Court for the Southern District of New York against the Company, an officer and the Executive Chairman of the Board alleging fraud under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended...

  • Page 22
    ... satisfaction of tax obligations arising from such exercises, as well as from the vesting of restricted stock awards granted under such plans. (3) On May 28, 2009, the Board of Directors of the Company adopted and announced a new annual share repurchase program authorizing the Company to purchase up...

  • Page 23
    ... above is being furnished solely to accompany this Annual Report on Form 10-K pursuant to Item 201(e) of Regulation S-K, is not being filed for purposes of Section 18 of the Exchange Act, and is not to be incorporated by reference into any filing of the Company, whether made before or after the date...

  • Page 24
    ... sales Net earnings (loss) per share-diluted Financial Position Inventories (FIFO)(4) Working capital(4) Property, plant and equipment, net Total assets Debt and capital lease obligations Stockholders' equity Other Statistics Return on average stockholders' equity Book value per share Current ratio...

  • Page 25
    ...hard-discount food stores and is adjusted for planned sales and closures as of the end of each fiscal year. Historical data is not necessarily indicative of the Company's future results of operations or financial condition. See discussion of "Risk Factors" in Part I, Item 1A of this Annual Report on...

  • Page 26
    ...) and other Acquisition-related costs (defined as one-time transaction costs, which primarily include supply chain consolidation costs, employee-related benefit costs and consultant fees) of $14 before tax ($8 after tax, or $0.04 per diluted share). Net Sales Net sales for fiscal 2010 were $40,597...

  • Page 27
    ... net loss of $2,855, or $13.51 per basic and diluted share last year. Net earnings for fiscal 2010 include net charges of $39 after tax, or $0.18 per diluted share, related to the planned retail market exits, closure of non-strategic stores announced in fiscal 2009 and fees received from the early...

  • Page 28
    ... costs for a pre-Acquisition Albertsons litigation matter of $24 before tax ($15 after tax, or $0.07 per diluted share) and other Acquisition-related costs (defined as one-time transaction costs, which primarily include supply chain consolidation costs, employee-related benefit costs and consultant...

  • Page 29
    ... the closure of non-strategic stores, settlement costs for a pre-Acquisition Albertsons litigation matter and other Acquisition-related costs. Net earnings for fiscal 2008 include Acquisition-related costs of $45 after tax, or $0.21 per diluted share. CRITICAL ACCOUNTING POLICIES The preparation of...

  • Page 30
    ... reductions offered to customers on products held for sale at retail stores. The Company also receives vendor funds for buying activities such as volume commitment rebates, credits for purchasing products in advance of their need and cash discounts for the early payment of merchandise purchases. The...

  • Page 31
    ... Fair value calculations contain significant judgments and estimates related to each reporting unit's projected future revenues, profitability and cash flows. When preparing these estimates, management considers each reporting unit's historical results, current operating trends and specific plans in...

  • Page 32
    ... affecting future inflation rates, discount rates, litigation trends, legal interpretations, regulatory changes, benefit level changes and actual claim settlement patterns. The majority of the self-insurance liability for workers' compensation is related to claims occurring in California. California...

  • Page 33
    ...the "Internal Revenue Code"). Furthermore, if the Company were to exit certain markets or otherwise cease making contributions to these plans at this time, it could trigger a withdrawal liability that would require the Company to fund its proportionate share of a plan's unfunded vested benefits. The...

  • Page 34
    ... and its credit facilities. The Company's short-term and long-term financing abilities are believed to be adequate as a supplement to internally generated cash flows to fund capital expenditures and acquisitions as opportunities arise. Maturities of debt issued will depend on management's views with...

  • Page 35
    ... secured by eligible accounts receivable, which remain under the Company's control. The facility fee in effect on February 27, 2010, based on the Company's current credit ratings, was 1.00 percent. The Company intends to execute a new $200 program in May 2010. As of February 27, 2010, the Company...

  • Page 36
    ... of the Company's collective bargaining efforts, investment returns on the assets held in the plans, actions taken by the trustees who manage the plans and requirements under the Pension Protection Act and Section 412(e) of the Internal Revenue Code. Furthermore, if the Company was to significantly...

  • Page 37
    ... insurance or tax payments, for which the Company is also obligated, offset by minimum subtenant rentals of $308, $58, $103, $54 and $93, respectively. The Company's benefit obligations include the undiscounted obligations related to sponsored defined benefit pension and postretirement benefit plans...

  • Page 38
    ... exposed to market pricing risk consisting of interest rate risk related to debt obligations outstanding, its investment in notes receivable and, from time to time, derivatives employed to hedge interest rate changes on variable and fixed rate debt. The Company does not use financial instruments or...

  • Page 39
    ... 27, 2010, February 28, 2009 and February 23, 2008 ...Notes to Consolidated Financial Statements ...Unaudited Quarterly Financial Information ...Financial Statement Schedule: Schedule II-Valuation and Qualifying Accounts ...All other schedules are omitted because they are not applicable or not...

  • Page 40
    ... OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The Board of Directors and Stockholders SUPERVALU INC.: We have audited the accompanying consolidated balance sheets of SUPERVALU INC. and subsidiaries as of February 27, 2010 and February 28, 2009, and the related consolidated statements of earnings...

  • Page 41
    our opinion, SUPERVALU INC. maintained, in all material respects, effective internal control over financial reporting as of February 27, 2010, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. /S/ ...

  • Page 42
    ... FINANCIAL INFORMATION (In millions) February 27, 2010 (52 weeks) February 28, 2009 (53 weeks) February 23, 2008 (52 weeks) Net sales Retail food % of total Supply chain services % of total Total net sales Operating earnings (loss) Retail food % of sales Supply chain services % of sales Corporate...

  • Page 43
    SUPERVALU INC. and Subsidiaries CONSOLIDATED STATEMENTS OF EARNINGS (In millions, except per share data) February 27, 2010 (52 weeks) February 28, 2009 (53 weeks) February 23, 2008 (52 weeks) Net sales Cost of sales Gross profit Selling and administrative expenses Goodwill and intangible asset ...

  • Page 44
    ..., plant and equipment, net Goodwill Intangible assets, net Other assets Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable Accrued vacation, compensation and benefits Current maturities of long-term debt and capital lease obligations Income taxes currently payable...

  • Page 45
    ... per share Compensation under employee incentive plans Shares issued in settlement of zero-coupon convertible debentures and mandatory convertible securities Purchase of shares for treasury Balances as of February 23, 2008 Net loss Pension and other postretirement activity (net of tax of $261) Sales...

  • Page 46
    ... in investing activities Cash flows from financing activities Proceeds from issuance of long-term debt Payment of long-term debt and capital lease obligations Dividends paid Net proceeds from the sale of common stock under option plans and related tax benefits Payment for purchase of treasury shares...

  • Page 47
    ... largest companies in the United States grocery channel. SUPERVALU conducts its retail operations under the Acme, Albertsons, Bristol Farms, Cub Foods, Farm Fresh, Hornbacher's, Jewel-Osco, Lucky, Save-A-Lot, Shaw's, Shop 'n Save, Shoppers Food & Pharmacy and Star Market banners as well as in-store...

  • Page 48
    ... and Administrative Expenses Selling and administrative expenses consist primarily of store and corporate employee-related costs, such as salaries and wages, health and welfare, worker's compensation and pension benefits, as well as rent, occupancy and operating costs, depreciation and amortization...

  • Page 49
    ... fair value to the carrying value. Fair values of the Company's trademarks and tradenames are determined primarily by discounting an assumed royalty value applied to projected future revenues associated with the tradename based on management's expectations of the current and future operating...

  • Page 50
    ... over the estimated fair value. Fair value is based on current market values or discounted future cash flows. The Company estimates fair value based on the Company's experience and knowledge of the market in which the property is located and, when necessary, utilizes local real estate brokers. Long...

  • Page 51
    ... exposure to changes in interest rates and foreign exchange rates. The Company uses derivatives only to manage well-defined risks. The Company does not use financial instruments or derivatives for any trading or other speculative purposes. Stock-based Compensation The Company uses the straight-line...

  • Page 52
    ... Retail food reporting units and $301 to trademarks and tradenames related to the tradenames acquired in the New Albertsons, Inc. acquisition. Amortization expense of intangible assets with definite useful lives of $59, $65 and $55 was recorded in fiscal 2010, 2009 and 2008, respectively. Future...

  • Page 53
    ...charges, of which $43 were recorded in the fourth quarter as a result of the planned retail market exits. During fiscal 2009, the Company recorded $75 of property, plant and equipment-related impairment charges related to the closure of non-strategic stores announced in fiscal 2009. During 2008, the...

  • Page 54
    ...Plant and Equipment-Related Impairment Charges were measured at fair value using Level 3 inputs. Financial Instruments For certain of the Company's financial instruments, including cash and cash equivalents, receivables and accounts payable, the fair values approximate book values due to their short...

  • Page 55
    ... due May 2017 Accounts Receivable Securitization Facility Notes and debentures paid off during fiscal 2010 Other Net discount on debt, using an effective interest rate of 6.28% to 8.97% Capital lease obligations Total debt and capital lease obligations Less current maturities of long-term debt and...

  • Page 56
    ... credit primarily support workers' compensation, merchandise import programs and payment obligations. On April 5, 2010, the Company entered into an Amended and Restated Credit Agreement (the "Credit Agreement"), which provides for an extension of the maturity of portions of the senior secured credit...

  • Page 57
    ... Credit Facility or other long-term debt. NOTE 7-LEASES The Company leases certain retail stores, distribution centers, office facilities and equipment from third parties. Many of these leases include renewal options and, to a limited extent, include options to purchase. Future minimum lease...

  • Page 58
    ... unearned income Net investment in direct financing leases Less current portion Long-term portion $ 24 22 21 12 7 22 $108 $ 6 5 4 4 3 11 33 (8) 25 (4) $21 The carrying value of owned property leased to third parties under operating leases was as follows: 2010 2009 Property, plant and equipment...

  • Page 59
    ... the bases of assets and liabilities for financial reporting and income tax purposes. The Company's deferred tax assets and liabilities consisted of the following: 2010 2009 Deferred tax assets: Compensation and benefits Self-insurance Property, plant and equipment and capitalized lease assets...

  • Page 60
    ...-based awards granted will not be for a term of more than seven years. Stock options are granted to key salaried employees and to the Company's non-employee directors to purchase common stock at an exercise price not less than 100 percent of the fair market value of the Company's common stock on the...

  • Page 61
    ... value of all stock options granted during fiscal 2010, 2009 and 2008 was $4.92, $7.91 and $8.97 per share, respectively. The total intrinsic value of stock options exercised during fiscal 2010, 2009, and 2008 was $1, $4 and $93, respectively. Intrinsic value is measured using the fair market value...

  • Page 62
    ... granted under the Company's stock plans. The expense is expected to be recognized over a weighted average remaining vesting period of approximately two years. NOTE 10-TREASURY STOCK PURCHASE PROGRAM On May 28, 2009, the Board of Directors of the Company adopted and announced a new annual share...

  • Page 63
    ... contribution and retirees pay contributions to fund the remaining cost. Effective December 31, 2007, the Company authorized amendments to the SUPERVALU Retirement Plan and certain supplemental executive retirement benefit plans whereby service crediting ended in these plans and no employees will...

  • Page 64
    ...Pension Benefits 2010 2009 Other Postretirement Benefits 2010 2009 Change in Benefit Obligation Benefit obligation at beginning of year Plan amendment Service cost Interest cost Transfers Actuarial loss (gain) Benefits paid Benefit obligation at end of year Changes in Plan Assets Fair value of plan...

  • Page 65
    ...be used in connection with its pension and other postretirement obligations annually. In determining the discount rate, the Company uses the yield on corporate bonds (rated AA or better) that coincides with the cash flows of the plans' estimated benefit payouts. The model uses a yield curve approach...

  • Page 66
    ... fiscal 2011. Pension Plan Assets Plan assets are held in trust and invested in separately managed accounts and other commingled investment vehicles holding domestic and international equity securities, domestic fixed income securities and other investment classes. The Company employs a total return...

  • Page 67
    ... and divided by the number of shares outstanding. Corporate bonds-Valued based on yields currently available on comparable securities of issuers with similar credit ratings. Government securities-Certain government securities are valued at the closing price reported in the active market in which the...

  • Page 68
    ...'s benefit plans held in a master trust as of February 27, 2010, by asset category, consisted of the following: Level 1 Level 2 Level 3 Total Common stock Common collective trusts-equity Common collective trusts-fixed income Corporate bonds Government securities Mortgage backed securities Private...

  • Page 69
    ... The Company is self-insured for certain of its employees' short-term and long-term disability plans, the primary benefits paid to inactive employees prior to retirement. As of February 27, 2010, the obligation for post-employment benefits was $63, with $24 included in Accrued vacation, compensation...

  • Page 70
    ... effect on the Company's financial condition, results of operations or cash flows. In September 2008, a class action complaint was filed against the Company, as well as International Outsourcing Services, LLC ("IOS"), Inmar, Inc., Carolina Manufacturer's Services, Inc., Carolina Coupon Clearing, Inc...

  • Page 71
    ...In July 2009, a putative class action complaint was filed in the United States District Court for the Southern District of New York against the Company, an officer and the Executive Chairman of the Board alleging fraud under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended...

  • Page 72
    ... Chief Executive Officer. The Company offers a wide variety of grocery products, general merchandise and health and beauty care, pharmacy, fuel and other items and services. The Company's business is classified by management into two reportable segments: Retail food and Supply chain services. These...

  • Page 73
    ...: 2010 2009 2008 Retail food: Nonperishable grocery products(1) Perishable grocery products(2) General merchandise and health and beauty care products(3) Pharmacy products Fuel Other Supply chain services: Product sales to independent retail customers Services to supply chain customers Net sales...

  • Page 74
    ... of fiscal 2009 the Company recorded charges primarily related to closure of non-strategic stores announced in fiscal 2009 of $121, after tax, and a pre-Acquisition Albertsons legal settlement of $15, after tax. (4) The sum of the quarterly Net earnings (loss) per share-diluted amounts does not...

  • Page 75
    SUPERVALU INC. and Subsidiaries SCHEDULE II-Valuation and Qualifying Accounts (In millions) Description Balance at Beginning of Fiscal Year Additions Deductions Balance at End of Fiscal Year Allowance for losses on receivables: 2010 2009 2008 $ 15 20 28 6 15 13 (9) (20) (21) $ 12 15 20 69

  • Page 76
    ... it files or submits under the Exchange Act is (1) recorded, processed, summarized and reported within the time periods specified by the SEC's rules and forms and (2) accumulated and communicated to the Company's management, including the Company's Chief Executive Officer and Chief Financial Officer...

  • Page 77
    ... been no change in the Company's internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting. ITEM 9B. None. OTHER INFORMATION 71

  • Page 78
    ... code of ethics that applies to the Company's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, by posting such information on the Company's website, at the address specified above. The Company's Corporate...

  • Page 79
    ...be granted under the 1997 Stock Plan. Stock options covering a total of 2,070,112 (not in millions) shares remained outstanding under the 1997 Stock Plan as of February 27, 2010. All employees, consultants or independent contractors providing services to the Company, other than officers or directors...

  • Page 80
    ... Statement to be filed with the SEC pursuant to Regulation 14A in connection with the Company's 2010 Annual Meeting of Stockholders under the heading "Board Practices- Policy and Procedures Regarding Transactions with Related Persons." ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES The information...

  • Page 81
    ..., Citibank, Rabobank International, Cobank, ACB, U.S. Bank National Association, and various financial institutions and other persons from time to time parties hereto is incorporated herein by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed with the SEC on June 7, 2006...

  • Page 82
    ...by reference to Exhibit 10.2 to the Company's Annual Report on Form 10-K for the year ended February 24, 2007.* Form of SUPERVALU INC. 2002 Stock Plan Stock Option Agreement and Stock Option Terms and Conditions for Key Executives, as amended on April 17, 2007, is incorporated herein by reference to...

  • Page 83
    ...'s Annual Report on Form 10-K for the year ended February 25, 2006.* Form of SUPERVALU INC. 2002 Stock Plan Stock Option Agreement for NonEmployee Directors and Stock Option Terms and Conditions for Non-Employee Directors is incorporated herein by reference to Exhibit 10.3 to the Company's Quarterly...

  • Page 84
    ... for the year ended February 24, 2007.* Form of Albertson's, Inc. 2004 Equity and Performance Incentive Plan Stock Option Agreement and Stock Option Terms and Conditions for Employees, is incorporated herein by reference to Exhibit 10.29 to the Company's Annual Report on Form 10-K for the year ended...

  • Page 85
    ... the Current Report on Form 8-K of Albertson's, Inc. (Commission File Number 1-6187) filed with the SEC on December 20, 2004.* SUPERVALU INC. Deferred Compensation Plan for Non-Employee Directors, as amended, is incorporated herein by reference to Exhibit 10.11 to the Company's Annual Report on Form...

  • Page 86
    ....* Sixth Amendment to SUPERVALU INC. Non-Qualified Supplement Executive Retirement Plan, is incorporated herein by reference to Exhibit 10.48 to the Company's Annual Report on Form 10-K for the year ended February 28, 2009.* SUPERVALU INC. Non-Employee Directors Deferred Stock Plan, as amended, is...

  • Page 87
    ... Company's Current Report on Form 8-K filed with the SEC on September 27, 2006.* Albertson's, Inc. 2000 Deferred Compensation Plan, dated as of January 1, 2000, is incorporated herein by reference to Exhibit 10.10 to the Annual Report on Form 10-K of Albertson's, Inc. (Commission File Number 1-6187...

  • Page 88
    ... Form 10-Q of Albertson's, Inc. (Commission File Number 1-6187) for the quarter ended May 4, 2006.* Third Amendment to the Albertson's, Inc. Executive Pension Makeup Plan, effective as of January 1, 2008, is incorporated herein by reference to Exhibit 10.72 to the Company's Annual Report on Form 10...

  • Page 89
    ...'s, Inc. Executive Pension Makeup Trust, dated as of March 31, 2000, is incorporated herein by reference to Exhibit 10.18.4 to the Annual Report on Form 10-K of Albertson's, Inc. (Commission File Number 16187) for the year ended February 1, 2001.* Albertson's, Inc. 1990 Deferred Compensation Plan is...

  • Page 90
    ...Exhibit 10.20.7 to the Quarterly Report on Form 10-Q of Albertson's, Inc. (Commission File Number 1-6187) for the quarter ended May 4, 2006.* Albertson's, Inc. Non-Employee Directors' Deferred Compensation Plan is incorporated herein by reference to Exhibit 10.21 to the Annual Report on Form 10-K of...

  • Page 91
    ...10.23.1 to the Annual Report on Form 10-K of Albertson's, Inc. (Commission File Number 16187) for the year ended February 1, 2001.* American Stores Company Supplemental Executive Retirement Plan 1998 Restatement is incorporated herein by reference to Exhibit 4.1 of the Registration Statement on Form...

  • Page 92
    ... 14, 2008.* Summary of Non-Employee Director Compensation is incorporated herein by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended December 1, 2007.* SUPERVALU Executive Deferred Compensation Plan (2008 Statement) is incorporated herein by reference to...

  • Page 93
    ...2007 Stock Plan Restricted Stock Unit Award Agreement and Restricted Stock Unit Award Terms and Conditions for Officers, is incorporated herein by reference to Exhibit 10.4 to the Company's Current Report on Form 8-K filed with the SEC on April 20, 2010.* Form of SUPERVALU INC. 2007 Stock Plan Stock...

  • Page 94
    ... from the SUPERVALU INC. Annual Report on Form 10-K for the fiscal year ended February 27, 2010 formatted in Extensible Business Reporting Language (XBRL): (i) the Consolidated Segment Financial Information (ii) the Consolidated Statements of Earnings, (iii) the Consolidated Balance Sheets, (iv...

  • Page 95
    ... of the Securities Exchange Act of 1934, SUPERVALU has duly caused this Annual Report on Form 10-K to be signed on its behalf by the undersigned, thereunto duly authorized. SUPERVALU INC. (Registrant) DATE: April 23, 2010 By: /s/ CRAIG R. HERKERT Craig R. Herkert Chief Executive Officer Pursuant to...

  • Page 96
    Signature /s/ KATHI P. SEIFERT* Kathi P. Seifert Director Title Date * Executed this 23rd day of April 2010, on behalf of the indicated Directors by David L. Boehnen, duly appointed Attorney-in-Fact. By: /s/ DAVID L. BOEHNEN David L. Boehnen Attorney-in-fact 90

  • Page 97
    ... and report financial information; and b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: April 23, 2010 /s/ CRAIG R. HERKERT Craig R. Herkert Chief Executive Officer 91

  • Page 98
    ... information; and b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: April 23, 2010 /s/ PAMELA K. KNOUS Pamela K. Knous Executive Vice President, Chief Financial Officer...

  • Page 99
    ... officer of SUPERVALU INC. (the "Company") certifies that the Annual Report on Form 10-K of the Company for the fiscal year ended February 27, 2010, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and the information contained in that Annual...

  • Page 100
    ... that Annual Report on Form 10-K fairly presents, in all material respects, the financial condition and results of operations of the Company for the period and as of the dates covered thereby. Dated: April 23, 2010 /s/ PAMELA K. KNOUS Pamela K. Knous Executive Vice President, Chief Financial Officer...

  • Page 101
    ...Retired Vice Chairman, Canadian Tire Corporation, Ltd. A retail, financial service and petroleum company STEVEN J. JUNGMANN Executive Vice President, Merchandising P MELA K. KNOUS PA Executive Vice President & Chief Financial Officer DAV A ID E. PYLIPOW Executive Vice President, Human Resources...

  • Page 102
    P.O. Box 990 Minneapolis, MN 55440 (952) 828-4000 www.SUPERVALU.com