Albertsons 2008 Annual Report Download - page 70

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REPORT 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 23, 2008 and February 24, 2007, 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 23, 2008. 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 the standards of the Public Company Accounting Oversight Board
(United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the 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 23, 2008 and February 24, 2007, and
the results of their operations and their cash flows for each of the fiscal years in the three-year period ended
February 23, 2008, in conformity with U.S. generally accepted accounting principles. 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 disclosed in Notes 1 and 10 to the consolidated financial statements, the Company adopted the provisions of
Financial Accounting Standards Board Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an
Interpretation of FASB Statement No. 109” on February 25, 2007. As disclosed in Notes 1 and 14 to the
consolidated financial statements the Company adopted the measurement provisions of Statement of Financial
Accounting Standards (SFAS) No. 158, “Employers’ Accounting for Defined Benefit Pension and Other
Postretirement Plans” on February 25, 2007. As disclosed in Notes 1 and 11 to the consolidated financial
statements, the Company adopted the provisions of SFAS No. 123 (revised 2004), “Share-Based Payment,” on
February 26, 2006.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board
(United States), SUPERVALU INC.’s internal control over financial reporting as of February 23, 2008, based on
criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission (COSO), and our report dated April 23, 2008 expressed an
unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.
/S/ KPMG LLP
Minneapolis, Minnesota
April 23, 2008
F-4