Albertsons 2009 Annual Report Download

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are just around the corner.
Good things ®
Fiscal 2009 Annual Report

Table of contents

  • Page 1
    Fiscal 2009 Annual Report Good things are just around the corner. ®

  • Page 2
    ... 2008 2009 Net Sales (In Billions) Adjusted Diluted Earnings per Share(2) Total Debt (In Billions) (1) Fiscal 2008 included one-time acquisition-related costs ($73 million pre-tax or $0.21 per share); Fiscal 2009 charges included impairment charges required by Statement of Financial Accounting...

  • Page 3
    ... steps to position SUPERVALU for improved operational and financial performance. In that regard, let me address fiscal 2010, the year we will complete our center-led merchandising and marketing organization, which is foundational to achieving sustainable long-term growth in sales and earnings. Today...

  • Page 4
    ... the initiatives currently underway are major steps in the transformation of SUPERVALU to a new center-led grocery retail business model this year and well beyond. Fiscal 2010 will be a year of investment for us, especially as it relates to creating value for customers. We have developed a plan that...

  • Page 5
    ... ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended February 28, 2009 OR n TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 1-5418 SUPERVALU...

  • Page 6
    ... Data ...Changes in and Disagreements With Accountants on Accounting and Financial Disclosure ...Controls and Procedures ...Other Information ...PART III Directors, Executive Officers and Corporate Governance ...Executive Compensation ...Security Ownership of Certain Beneficial Owners and Management...

  • Page 7
    ... prices, which could impact consumer spending and buying habits and the cost of doing business • The availability of favorable credit and trade terms • Changes in interest rates • The outcome of negotiations with partners, governments, suppliers, unions or customers • Narrow profit margins...

  • Page 8
    ... suitable store or distribution center sites, negotiate acceptable purchase or lease terms and build or expand facilities in a manner that achieves appropriate returns on our capital investment • The adequacy of our capital resources for future acquisitions, the expansion of existing operations or...

  • Page 9
    ... business disruption resulting from severe weather conditions and natural disasters that affect us, our customers or suppliers • Unseasonably adverse climate conditions that impact the availability or cost of certain products in the grocery supply chain Accounting Matters • Changes in accounting...

  • Page 10
    ..., Lucky, Save-A-Lot, Shaw's Supermarkets, Shop 'n Save, Shoppers Food & Pharmacy and Star Markets. Additionally, the Company provides supply chain services, primarily wholesale distribution, across the United States retail grocery channel. All dollar and share amounts in this Annual Report on Form...

  • Page 11
    ...sections of general merchandise and health and beauty care. As of February 28, 2009, the Company operated 874 combination stores under the Acme Markets, Albertsons, bigg's, Cub Foods, Farm Fresh, Jewel-Osco, Sav-on, Shaw's Supermarkets, Shop 'n Save, Shoppers Food & Pharmacy and Star Markets banners...

  • Page 12
    ... and private brand name products, primarily including grocery (both perishable and nonperishable), general merchandise and health and beauty care, pharmacy and fuel, which are sold through the Company's own and licensed retail food stores to shoppers and through its Supply chain services business to...

  • Page 13
    ... Statements of Cash Flows that are not necessarily indicative of long-term operating trends. There are no unusual industry practices or requirements relating to working capital items. Competition The Company's Retail food and Supply chain services businesses are highly competitive. The Company...

  • Page 14
    ...2006; Senior Vice President, Human Resources and Management Services, SaveA-Lot, 2000-2004 Executive Vice President, Drug Operations and President, Drug Store Division, Albertsons, 20022006(1) Senior Vice President; President, Retail West 2006-2007; President and CEO, California Division, Albertsons...

  • Page 15
    .... The Company faces a high level of competition in the Retail food and Supply chain services businesses, which may adversely affect the Company's financial condition and results of operations. The Company's Retail food business faces competition for customers, employees, store sites, products and in...

  • Page 16
    ... 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, (ii) decreases in sales volume due to increased...

  • Page 17
    ...the Company's financial condition and results of operations. The Company provides health benefits to 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...

  • Page 18
    ...'s businesses are subject to various federal, state and local laws, regulations and administrative practices. These laws require the Company to comply with numerous provisions regulating health and sanitation standards, equal employment opportunity, minimum wages and licensing for the sale of food...

  • Page 19
    ... to discount these liabilities. Litigation may adversely affect the Company's businesses, financial condition and results of operations. The Company's businesses are subject to the risk of litigation by employees, consumers, suppliers, stockholders or others through private actions, class actions...

  • Page 20
    ... the Unites States and related accounting pronouncements, implementation guidelines, and interpretations for many aspects of the Company's business, such as accounting for insurance and self-insurance, inventories, goodwill and intangible assets, store closures, leases, income taxes and stock-based...

  • Page 21
    ... Retail food segment as of February 28, 2009: Combination Stores(1) Food Stores(2) Limited Assortment Food Stores(3) Total Food Stores Distribution Centers(4) Fuel Centers(5) Alabama Arkansas California Connecticut Delaware Florida Georgia Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine...

  • Page 22
    ... customers. (2) The Company operates food stores under the Acme Markets, Albertsons, Bristol Farms, Cub Foods, Farm Fresh, Hornbacher's, Jewel, Lucky, Shaw's Supermarkets, Shop 'n Save, Shoppers Food & Pharmacy and Star Markets banners. Excluded from the table above are six Cub Foods food stores...

  • Page 23
    ... Company's financial condition, results of operations or cash flows. In April 2000, a class action complaint was filed against Albertsons, as well as American Stores Company, American Drug Stores, Inc., Sav-on Drug Stores, Inc. ("Sav-on Drug Stores") and Lucky Stores, Inc. ("Lucky Stores"), wholly...

  • Page 24
    ... in security position listings. The information called for by Item 5 as to the sales price for the Company's common stock on a quarterly basis during the last two fiscal years and dividend information is found under the heading "Common Stock Price" in Part II, Item 7 of this Annual Report on Form 10...

  • Page 25
    ... all existing share repurchase programs and continues through June 2009. Stock Performance Graph The following graph compares the yearly change in the Company's cumulative shareholder return on its common stock for the period from the end of fiscal 2004 to the end of fiscal 2009 to that of the...

  • Page 26
    ... the date hereof, regardless of any general incorporation language in such filing. ITEM 6. SELECTED FINANCIAL DATA 2009 (53 weeks) 2008 (52 weeks) 2007 (52 weeks) 2006 (52 weeks) 2005 (52 weeks) (Dollars and shares in millions, except per share data) Operating Results(1) Net sales Identical store...

  • Page 27
    ... 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 Form...

  • Page 28
    ... low-cost supply chain and new economies of scale as it leverages its Retail food and Supply chain services operations. The Company plans to expand retail square footage through targeted new store development, remodel activities, licensee growth and acquisitions. The Company is in the third year of...

  • Page 29
    ...707 last year, primarily reflecting the extra week of sales of approximately $165 in fiscal 2009 as well as the pass through of inflation and new business growth, partially offset by the on-going transition of a national retailer's volume to self distribution. Gross Profit Gross profit, as a percent...

  • Page 30
    ... due to the impact of the Acquisition on business segment mix which includes 52 weeks of results of the Acquired Operations in fiscal 2008 compared with 38 weeks in fiscal 2007. The Acquired Operations are part of the Retail food segment which has a higher Gross profit percentage than Supply chain...

  • Page 31
    ...of $40 after tax and charges related to the disposal of 18 Scott's banner stores of $23 after tax. CRITICAL ACCOUNTING POLICIES The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make...

  • Page 32
    ... revenue for the Company's stores. For fiscal 2009, a 100 basis point change in total vendor funds earned, including advertising allowances, with no offsetting changes to the base price on the products purchased, would impact gross profit by 10 basis points. Inventories Inventories are valued at the...

  • Page 33
    ... value at the reporting unit level. The Company's reporting units are the operating segments of the business. Fair values are determined primarily by discounting projected future cash flows based on management's expectations of the current and future operating environment. The rates used to discount...

  • Page 34
    ... discount rate is based on current investment yields on high-quality fixed-income investments. The expected long-term rate of return on plan assets is based on the historical experience of the Company's investment portfolio and the projected returns by asset category. Over the 10-year period ended...

  • Page 35
    ... which the Company operates. Management's judgment is involved in determining the effective tax rate and in evaluating the ultimate resolution of any uncertain tax positions. In addition, the Company is currently in various stages of audits, appeals or other methods of review with taxing authorities...

  • Page 36
    ... with the Acquisition and senior notes issued in October 2006, partially offset by repayment of long-term debt of Albertsons standalone drug business payables related to the sale of Albertsons. Management expects that the Company will continue to replenish operating assets with internally generated...

  • Page 37
    ... each of the fiscal quarters ending after December 30, 2009. As of February 28, 2009, the Company was in compliance with the covenants of the senior secured credit facilities. Borrowings under Term Loan A and Term Loan B may be repaid, in full or in part, at any time without penalty. Term Loan A has...

  • Page 38
    ... of business. These contracts primarily relate to the Company's commercial contracts, operating leases and other real estate contracts, financial agreements, agreements to provide services to the Company and agreements to indemnify officers, directors and employees in the performance of their work...

  • Page 39
    ... 28, 2009, future purchase obligations existed that primarily related to supply contracts. In the ordinary course of business, the Company enters into supply contracts to purchase products for resale. These supply contracts typically include either volume commitments or fixed expiration dates...

  • Page 40
    ... 0.1700 0.6750 Dividends Per Share 2009 2008 $ Dividend payment dates are on or about the 15th day of March, June, September and December, subject to the Board of Directors approval. NEW ACCOUNTING STANDARDS In September 2006, the FASB issued SFAS No. 157, "Fair Value Measurements." SFAS No. 157...

  • Page 41
    ... capital. The Company makes long-term loans to certain Supply chain customers and as such, holds notes receivable in the normal course of business. The notes generally bear fixed interest rates negotiated with each retail customer. The market value of the fixed rate notes is subject to change due...

  • Page 42
    ...the Company's financial instruments that are sensitive to changes in interest rates, including notes receivable and debt obligations. For debt obligations, the table presents principal payments and related weighted average interest rates by maturity dates, excluding the net discount on acquired debt...

  • Page 43
    ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA Index of Financial Statements and Schedules Page(s) Financial Statements: Report of Independent Registered Public Accounting Firm ...Consolidated Segment Financial Information for the fiscal years ended February 28, 2009, February 23, 2008 and ...

  • Page 44
    ... consolidated financial statements and financial statement schedule, and an opinion on SUPERVALU INC.'s internal control over financial reporting, based on our audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those...

  • Page 45
    ...and the results of their operations and their cash flows for each of the fiscal years in the three-year period ended February 28, 2009, in conformity with U.S. generally accepted accounting principles. In our opinion, the related financial statement schedule, when considered in relation to the basic...

  • Page 46
    ... SEGMENT FINANCIAL INFORMATION (In millions) February 28, 2009 (53 weeks) February 23, 2008 (52 weeks) February 24, 2007 (52 weeks) Net sales Retail food Supply chain services Total net sales Operating earnings (loss) Retail food Supply chain services Corporate Total operating earnings Interest...

  • Page 47
    ... STATEMENTS OF EARNINGS (In millions, except per share data) February 28, 2009 (53 weeks) February 23, 2008 (52 weeks) February 24, 2007 (52 weeks) Net sales Costs and expenses Cost of sales Selling and administrative expenses Goodwill and intangible asset impairment charges Operating earnings...

  • Page 48
    ... and benefits Current maturities of long-term debt and capital lease obligations Income taxes currently payable Other current liabilities Total current liabilities Long-term debt and capital lease obligations Other liabilities Commitments and contingencies Stockholders' equity Common stock, $1.00...

  • Page 49
    ... as adjusted Net earnings Pension and other postretirement activity (net of tax of $70) Sales of common stock under option plans Cash dividends declared on common stock $0.6750 per share Compensation under employee incentive plans Shares issued in settlement of zero-coupon convertible debentures and...

  • Page 50
    ... of long-term debt and capital lease obligations Proceeds from settlement of mandatory convertible securities Dividends paid Net proceeds from the sale of common stock under option plans and related tax benefits Payment for purchase of treasury shares Payment of Albertsons standalone drug business...

  • Page 51
    ... food and pharmacy), food stores and limited assortment food stores. Additionally, the Company provides supply chain services, primarily wholesale distribution, across the United States retail grocery channel. On June 2, 2006 (the "Acquisition Date"), the Company acquired New Albertson's, Inc. ("New...

  • Page 52
    ..., $162 and $157 for fiscal 2009, 2008 and 2007, respectively. The Company recognizes vendor funds for merchandising and buying activities as a reduction of Cost of sales when the related products are sold in accordance with EITF Issue No. 02-16, "Accounting by a Customer (Including a Reseller) for...

  • Page 53
    ...as of the end of each fiscal year. Reserves for Closed Properties The Company maintains reserves for costs associated with closures of retail stores, distribution centers and other properties that are no longer being utilized in current operations in accordance with Statement of Financial Accounting...

  • Page 54
    ... Balance Sheets. The self-insurance liabilities as of the end of the fiscal year are net of discounts of $223, $226 and $148 for fiscal 2009, 2008 and 2007, respectively. Benefit Plans Effective for fiscal 2007, the Company adopted SFAS No. 158, "Employers' Accounting for Defined Benefit Pension...

  • Page 55
    ... on the Consolidated Balance Sheet at their respective fair value. The Company's limited involvement with derivatives is primarily to manage its 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...

  • Page 56
    ... the Company's fiscal year beginning March 1, 2009 on a prospective basis for all business combinations for which the acquisition date is on or after the effective date, with the exception of the accounting for adjustments to income tax-related amounts, which is applied to acquisitions that closed...

  • Page 57
    ... the significant decline in the market price of the Company's common stock as of the end of the third quarter of fiscal 2009 as well as the impact of the unprecedented decline in the economy on the Company's plan. The Company did not record any impairment losses related to goodwill or intangible...

  • Page 58
    ... the Acquired Operations, which were recorded in purchase accounting. Fiscal 2007 adjustments related to the fair value of liabilities recognized in purchase accounting as of the Acquisition Date for acquired closed property lease liabilities. Asset Impairment Charges During fiscal 2009, the Company...

  • Page 59
    ... as of February 23, 2008. Notes receivable are valued based on a discounted cash flow approach applying a rate that is comparable to publicly traded instruments of similar credit quality. The estimated fair value of the Company's long-term debt (including current maturities) was less than the book...

  • Page 60
    ... maturities of long-term debt other than capital lease obligations as of February 28, 2009 consist of the following: Fiscal Year 2010 2011 2012 2013 2014 Thereafter $1,223 1,121 603 1,390 245 2,800 In the table above, future maturities of long-term debt exclude the net discount on acquired debt...

  • Page 61
    ... each of the fiscal quarters ending after December 30, 2009. As of February 28, 2009, the Company was in compliance with the covenants of the senior secured credit facilities. Borrowings under Term Loan A and Term Loan B may be repaid, in full or in part, at any time without penalty. Term Loan A has...

  • Page 62
    ... of February 28, 2009 consist of the following: Fiscal Year Lease Obligations Operating Capital Leases Leases 2010 2011 2012 2013 2014 Thereafter Total future minimum obligations Less interest Present value of net future minimum obligations Less current obligations Long-term obligations $ 426 415...

  • Page 63
    ... as of February 28, 2009 consist of the following: Lease Receipts Direct Operating Financing Leases Leases Fiscal Year 2010 2011 2012 2013 2014 Thereafter Total minimum lease receipts Less unearned income Net investment in direct financing leases Less current portion Long-term portion $ 24 22 19...

  • Page 64
    ... realized. Changes in the Company's unrecognized tax benefits during fiscal 2009 consisted of the following: 2009 2008 Beginning balance Increase based on tax positions related to the current year Decrease based on tax positions related to the current year Increase based on tax positions related to...

  • Page 65
    ... 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 date of grant. Generally, stock...

  • Page 66
    ... of Albertsons stock options who became employees of the Company after the Acquisition was $6.07 per share. The weighted average grant date fair value of all other stock options granted during fiscal 2007 was $6.96 per share. The total intrinsic value of stock options exercised during fiscal 2009...

  • Page 67
    ... 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 11-TREASURY STOCK PURCHASE PROGRAM On May 28, 2008, the Board of Directors of the Company adopted and announced a new annual share repurchase...

  • Page 68
    ... health and welfare benefits including short-term and long-term disability benefits to inactive disabled employees prior to retirement. The terms of the postretirement benefit plans vary based on employment history, age and date of retirement. For most retirees, the Company provides a fixed dollar...

  • Page 69
    ... the legacy SUPERVALU sponsored defined benefit pension plans for primarily nonunion eligible participants are generally based on years of eligible service and the participants' highest compensation during five consecutive years of employment. Benefit calculations for Acquired Operation retirees are...

  • Page 70
    ... value with the stream of future cash flows. This resulting weighted average discount rate is then used in evaluating the final discount rate to be used by the Company. (4) Expected long-term return on plan assets is estimated by asset class and is generally based on widelyaccepted capital market...

  • Page 71
    ...-adjusted long-term returns while improving portfolio diversification. The overall investment strategy and policy have been developed based on the need to satisfy the long-term liabilities of the Company's pension plans. Risk management is accomplished through diversification across asset classes...

  • Page 72
    ...of the Company's common stock as of February 28, 2009 and February 23, 2008. Post-Employment Benefits The Company recognizes an obligation for benefits provided to former or inactive employees. The Company is self-insured for certain of its employees' short-term and long-term disability plans, which...

  • Page 73
    ... Company's financial condition, results of operations or cash flows. In April 2000, a class action complaint was filed against Albertsons, as well as American Stores Company, American Drug Stores, Inc., Sav-on Drug Stores, Inc. ("Sav-on Drug Stores") and Lucky Stores, Inc. ("Lucky Stores"), wholly...

  • Page 74
    ...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. and Carolina Services, in the United States District...

  • Page 75
    ... and private brand name products, primarily including grocery (both perishable and nonperishable), general merchandise and health and beauty care, pharmacy and fuel, which are sold through the Company's own and licensed retail food stores to shoppers and through its Supply chain services business to...

  • Page 76
    ...: 2009 2008 2007 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 77
    ... fiscal 2009 the Company recorded charges primarily related to closure of non-strategic stores of $121, after tax, and a pre-Acquisition Albertsons legal settlement of $15, after tax. (3) The sum of the quarterly Net earnings (loss) per share-diluted amounts does not equal the fiscal year amount due...

  • Page 78
    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: 2009 2008 2007(1) $ 20 28 27 15 13 20 (20) (21) (19) $ 15 20 28 ...

  • Page 79
    ... 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 80
    ... Part II, Item 8 of this Annual Report on Form 10-K, expresses an unqualified opinion on the effectiveness of the Company's internal control over financial reporting as of February 28, 2009. Changes in Internal Control Over Financial Reporting During the fiscal quarter ended February 28, 2009, there...

  • Page 81
    ...CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS The information called for by Item 12, as to security ownership of certain beneficial owners, directors and management, is incorporated by reference to the Company's definitive Proxy Statement to be filed with the SEC pursuant...

  • Page 82
    ... Plan may not have an exercise price less than 100 percent of the fair market value of the Company's common stock on the date of the grant. Unless the Board of Directors otherwise specifies, restricted stock and restricted stock units will be forfeited and reacquired by the Company if an employee...

  • Page 83
    ... Statement to be filed with the SEC pursuant to Regulation 14A in connection with the Company's 2009 Annual Meeting of Stockholders under the heading "Board Practices- Policy and Procedures Regarding Transactions with Related Persons." ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES The information...

  • Page 84
    ..., Bank of America, 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...

  • Page 85
    ...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 Report on Form 10-Q for the quarterly period (12 weeks) ended...

  • Page 86
    ...'s Annual Report on Form 10-K for the year ended February 25, 2006.* SUPERVALU INC. 2002 Stock Plan Restricted Stock Unit Award Agreement dated as of October 12, 2006 for Jeffrey Noddle is incorporated herein by reference to Exhibit 99.1 to the Company's Current Report on Form 8-K filed with the SEC...

  • Page 87
    ....20 SUPERVALU INC. Annual Cash Bonus Plan for Designated Corporate Officers, as amended, is incorporated herein by reference to Exhibit 10.20 to the Company's Annual Report on Form 10-K for the year ended February 24, 2001.* Performance Criteria for Awards Under the Company's Annual Cash Bonus Plan...

  • Page 88
    ...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 10-K for the year ended February 22, 2003.* 10.36 SUPERVALU INC. Excess Benefit Plan...

  • Page 89
    ... Retirement Plan, filed herewith.* SUPERVALU INC. Non-Employee Directors Deferred Stock Plan, as amended, is incorporated herein by reference to Exhibit 10.24 to the Company's Annual Report on Form 10-K for the year ended February 22, 2003.* Amended and Restated SUPERVALU INC. Grantor Trust dated...

  • Page 90
    ... reference to Exhibit 10.13.7 to the Annual Report on Form 10-K of Albertson's, Inc. (Commission File Number 1-6187) for the year ended January 30, 2003.* 10.70 Second Amendment to the Albertson's, Inc. Executive Pension Makeup Plan, dated as of April 28, 2006, is incorporated herein by reference to...

  • Page 91
    ... 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. Executive Pension Makeup Trust, dated as of February 1, 1989, is incorporated herein by reference to Exhibit 10.18 to the Annual Report on Form 10-K of Albertson...

  • Page 92
    ... Exhibit 10.21.4 to the Annual Report on Form 10-K of Albertson's, Inc. (Commission File Number 1-6187) for the year ended January 29, 2004.* Fifth Amendment to the Albertson's, Inc. Non-Employees Directors' Deferred Compensation Plan, dated as of April 28, 2006, is incorporated herein by reference...

  • Page 93
    ... the American Stores Company Supplemental Executive Retirement Plan, dated as of April 28, 2006, is incorporated herein by reference to Exhibit 10.30.2 to the Quarterly Report on Form 10-Q of Albertson's, Inc. (Commission File Number 1-6187) for the quarter ended May 4, 2006.* Albertsons Inc. Change...

  • Page 94
    .... 2007 Stock Plan Form of Performance Stock Unit Award Agreement (cash-settled units) is incorporated herein by reference to Exhibit 10.4 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 14, 2008.* SUPERVALU INC. 2007 Stock Plan Form of Performance Stock Unit Award Terms and...

  • Page 95
    ...Financial Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (24) Power of Attorney. (31) Rule 13a-14(a)/15d-14(a) Certifications. (32) Section 1350 Certifications. 32.1. 32.2. * Indicates management contracts, compensatory plans or arrangements required to be filed pursuant to Item...

  • Page 96
    ... thereunto duly authorized. SUPERVALU INC. (Registrant) DATE: April 27, 2009 By: /s/ JEFFREY NODDLE Jeffrey Noddle Chief Executive Officer Pursuant to the requirements of the Securities Exchange Act of 1934, this Annual Report on Form 10-K has been signed below by the following persons on behalf of...

  • Page 97
    Signature /s/ KATHI P. SEIFERT* Kathi P. Seifert Director Title Date * Executed this 27th day of April 2009, on behalf of the indicated Directors by Burt M. Fealing, duly appointed Attorney-in-Fact. By: /s/ BURT M. FEALING Burt M. Fealing Attorney-in-Fact 93

  • Page 98
    ... that: 1. I have reviewed this Annual Report on Form 10-K of SUPERVALU INC. for the fiscal year ended February 28, 2009; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of...

  • Page 99
    ... that: 1. I have reviewed this Annual Report on Form 10-K of SUPERVALU INC. for the fiscal year ended February 28, 2009; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of...

  • Page 100
    ...the fiscal year ended February 28, 2009, 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 Report on Form 10-K fairly presents, in all material respects, the financial condition and results of operations...

  • Page 101
    ...the fiscal year ended February 28, 2009, 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 Report on Form 10-K fairly presents, in all material respects, the financial condition and results of operations...

  • Page 102
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  • Page 103
    ... company Investor Information The annual meeting of SUPERVALU INC. will take place on June, 25, 2009, at 10:00 a.m. local time at the Minneapolis Convention Center, 1301 Second Avenue South, Minneapolis, MN 55403. SUPERVALU's common stock is listed on the New York Stock Exchange under symbol...

  • Page 104
    P.O. Box 990 Minneapolis, MN 55440 (952) 828-4000 www.SUPERVALU.com