Albertsons 2004 Annual Report Download - page 51

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INDEPENDENT AUDITORS’ REPORT
The Board of Directors and Stockholders
SUPERVALU INC.:
We have audited the accompanying consolidated balance sheets of SUPERVALU INC. and subsidiaries (the
Company) as of February 28, 2004 and February 22, 2003, 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 28, 2004.
In connection with our audits of the consolidated financial statements, we also have audited the financial
statement schedule as listed in the accompanying index. These consolidated financial statements and financial
statement schedule are the responsibility of the Company’s management. Our responsibility is to express an
opinion on these consolidated financial statements and financial statement schedule 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 audit 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 28, 2004 and February 22, 2003,
and the results of their operations and their cash flows for each of the fiscal years in the three-year period ended
February 28, 2004, in conformity with accounting principles generally accepted in the United States of America.
Also in our opinion, the related financial statement schedule, when considered in relation to the basic
consolidated financial statements taken as a whole, presents fairly, in all material respects, the information set
forth therein.
As discussed in the note entitled “Summary of Significant Accounting Policies” 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 14, 2004 (except as to the second
paragraph of the note to the consolidated
financial statements entitled “Subsequent
Events,” which is as of May 3, 2004)
F-4