Albertsons 2003 Annual Report Download - page 39

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INDEPENDENT AUDITORS’ REPORT
The Board of Directors and Stockholders
SUPERVALU INC.
Eden Prairie, Minnesota
We have audited the accompanying consolidated balance sheets of SUPERVALU INC. and subsidiaries (the
Company) as of February 22, 2003 and February 23, 2002, and the related consolidated statements of earnings,
stockholders’ equity and cash flows for each of the fiscal years in the three-year period ended February 22, 2003.
These consolidated financial statements are the responsibility of the Company’s management. Our responsibility
is to express an opinion on these consolidated financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the United States of
America. Those standards require that we plan and perform the audits to obtain reasonable assurance about
whether the consolidated financial statements are free of material misstatement. An audit includes examining, on
a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements. An audit
also includes assessing the accounting principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for
our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects,
the financial position of SUPERVALU INC. and subsidiaries as of February 22, 2003 and February 23, 2002,
and the results of their operations and their cash flows for each of the fiscal years in the three-year period ended
February 22, 2003, in conformity with accounting principles generally accepted in the United States of America.
As discussed in the note entitled “New Accounting Standards” to the consolidated financial statements, the
Company adopted the provisions of Statement of Financial Accounting Standards No. 142, “Goodwill and Other
Intangible Assets,” on February 24, 2002.
/s/ KPMG LLP
Minneapolis, Minnesota
April 9, 2003
F-4