Albertsons 2010 Annual Report Download

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annual report
FISCAL 2010

Table of contents

  • Page 1
    FISCAL 2010 annual report

  • Page 2
    ...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 Net Sales...

  • Page 3
    ..., Having spent the first 23 years of my career with Albertsons and American Stores, I was honored to return to SUPERVALU last May as chief executive officer. This reunion came at a particularly challenging time for the Company and the millions of Americans we serve each day. Like many retailers in...

  • 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 appropriate steps to serve our customers and position 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...

  • Page 6
    ... ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended February 27, 2010 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 7
    ... Directors, Executive Officers and Corporate Governance ...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...

  • Page 8
    ...to fund new store growth and remodeling activities that achieve appropriate returns on capital investment Competitive Practices • The Company's ability to attract and retain customers • The Company's ability to hire, train or retain employees • Competition from other food or drug retail chains...

  • Page 9
    ... of favorable credit and trade terms Labor Relations • Potential work disruptions resulting from labor disputes • Ability to negotiate labor contracts with acceptable terms Employee Benefit Costs • Increased operating costs resulting from rising employee benefit costs or pension funding...

  • Page 10
    ...affect the Company, and the Company's 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 standards that impact the Company's financial statements Goodwill...

  • Page 11
    ..., Lucky, Save-A-Lot, Shaw's, Shop 'n Save, Shoppers Food & Pharmacy and Star Market banners as well as in-store pharmacies under the Osco and Sav-on banners. Additionally, the Company provides supply chain services, primarily wholesale distribution, across the United States retail grocery channel...

  • Page 12
    ... position, based on revenues, in the hard-discount grocery-retailing sector. Save-A-Lot food stores typically are approximately 15,000 square feet in size, and stock primarily custom-branded high-volume food items generally in a single size for each product sold. Supply Chain Services The Company...

  • Page 13
    ... Net sales for each group of similar products sold in the Retail food and Supply chain services segments: 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...

  • Page 14
    ... retail customers it supplies, include price, quality, assortment, 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...

  • Page 15
    ... he held a number of sales, corporate planning and strategy roles across multiple geographies. His last position at Kraft was Vice President of category sales. (4) As part of the acquisition of New Albertsons on June 2, 2006, Mr. Van Helden and Mr. Zvonek became corporate officers of the Company. 9

  • Page 16
    ... execute on these initiatives, the Company's financial condition and results of operations may be adversely affected. High level of competition in the Retail food and Supply chain services businesses The Company's Retail food business faces competition for customers, employees, store sites, products...

  • Page 17
    .... 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, (ii) decreases in sales volume due...

  • Page 18
    ... is not able at this time to determine the impact that healthcare reform could have on the Company-sponsored medical plans. In addition, the Company participates in various multi-employer health and pension plans for a majority of its union-affiliated employees, and the Company is required to make...

  • Page 19
    ...generally accepted in the Unites States of America ("accounting standards") and interpretations by various governing bodies, including the SEC, for many aspects of the Company's business, such as accounting for insurance and self-insurance, inventories, goodwill and intangible assets, store closures...

  • Page 20
    ... of which, in management's opinion, is expected to have a material adverse 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...

  • Page 21
    ... 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 (the "Exchange Act") and Rule...

  • Page 22
    ... MARKET FOR THE REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES The Company's common stock is listed on the New York Stock Exchange under the symbol SVU. As of April 16, 2010, there were 26,934 stockholders of record. Common Stock Price Common Stock...

  • Page 23
    ... the end of fiscal 2010 to that of the Standard & Poor's ("S&P") 500 and a group of peer companies in the retail grocery industry. The stock price performance shown below is not necessarily indicative of future performance. COMPARISON OF CUMULATIVE TOTAL SHAREHOLDER RETURN AMONG SUPERVALU, S&P 500...

  • Page 24
    ... full quarters, including store expansions and excluding fuel and planned store dispositions. Fiscal 2008 and 2007 identical store sales is calculated as if the Acquired Operations stores were in the identical store base for four full quarters in fiscal 2008, 2007 and 2006. (3) The Company recorded...

  • Page 25
    ...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 Form...

  • Page 26
    ..., heightened competitive activity and investments in price and promotions. During fiscal 2010, the Company added 40 new stores through new store development and sold or closed 112 stores, including planned dispositions. Total retail square footage as of the end of fiscal 2010 was approximately...

  • Page 27
    ...percent of Supply chain services net sales, last year. The 20 basis point increase in Supply chain services operating earnings as a percent of Supply chain services net sales primarily reflects a lower LIFO charge and fees received from the early termination of a supply agreement in fiscal 2010. Net...

  • Page 28
    ...-week period for both years, as a result of a soft sales environment and higher levels of competitive activity. During fiscal 2009, the Company added 44 new stores through new store development and closed 97 stores, including planned dispositions. Total retail square footage as of the end of fiscal...

  • Page 29
    ... of $179, or 52 basis points, attributable to investments in price, higher promotional spending, higher employee-related costs and higher occupancy costs. Supply chain services operating earnings for fiscal 2009 were $307, or 3.1 percent of Supply chain services net sales, compared with $274, or...

  • Page 30
    ...price 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...

  • Page 31
    .... The Company estimates fair value based on its experience and knowledge of the market in which the closed property is located and, when necessary, utilizes local real estate brokers. The expectations on timing of disposition and the estimated sales price or subtenant rentals associated with closed...

  • Page 32
    ... healthcare for certain employees and general and automobile liability costs. It is the Company's policy to record its self-insurance liabilities based on management's estimate of the ultimate cost of reported claims and claims incurred but not yet reported and related expenses, discounted at a risk...

  • Page 33
    ...-year average rate of return on pension assets was due to the unprecedented decline in the economy and continuing credit market turmoil during fiscal 2009. The Company expects that the markets will eventually recover to the assumed long-term rate of return of 8 percent. In accordance with accounting...

  • 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
    ... had $479 of debt with current maturities that are classified in Longterm debt in the Consolidated Balance Sheets due to the Company's intent to refinance such obligations with the Revolving Credit Facility or other long-term debt. Annual cash dividends declared for fiscal 2010, 2009 and 2008, were...

  • Page 36
    ... 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. While the Company...

  • Page 37
    ... has plan assets of approximately $1,557 as of the end of February 27, 2010. The Company's purchase obligations include various obligations that have annual purchase commitments of $1 or greater. As of February 27, 2010, future purchase obligations existed that primarily related to supply contracts...

  • Page 38
    ... managing debt maturities and to diversify sources of debt 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...

  • Page 39
    ...Consolidated Statements of Cash Flows for the fiscal years ended February 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...

  • Page 40
    ...fiscal years in the three-year period ended February 27, 2010, in conformity with U.S. generally accepted accounting principles. In our opinion, the accompanying financial statement schedule, when considered in relation to the basic consolidated financial statements taken as a whole, presents fairly...

  • Page 41
    ... 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/ KPMG...

  • 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
    ...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 Other current liabilities Total current liabilities Long-term debt and capital lease...

  • Page 45
    ...activity (net of tax of $261) Sales of common stock under option plans Cash dividends declared on common stock $0.6875 per share Compensation under employee incentive plans Purchase of shares for treasury Balances as of February 28, 2009 Net earnings Pension and other postretirement activity (net of...

  • Page 46
    ...from the sale of common stock under option plans and related tax benefits Payment for purchase of treasury shares Other Net cash used in financing activities Net decrease in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year $ $ 393 - 74...

  • Page 47
    ... Jewel-Osco, Lucky, Save-A-Lot, Shaw's, Shop 'n Save, Shoppers Food & Pharmacy and Star Market banners as well as in-store pharmacies under the Osco and Sav-on banners. Additionally, the Company provides supply chain services, primarily wholesale distribution, across the United States retail grocery...

  • Page 48
    ... basis over the life of the contracts. Selling 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...

  • Page 49
    ... 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. The Company provides for closed property lease...

  • Page 50
    ... current liabilities and the long-term portion is included in Other liabilities in the Consolidated Balance Sheets. The self-insurance liabilities as of the end of the fiscal year are net of discounts of $191 and $223 as of February 27, 2010 and February 28, 2009, respectively. Benefit Plans The...

  • Page 51
    ... and related expense for Company-sponsored pension and other postretirement benefits is dependent, in part, on management's selection of certain actuarial assumptions in calculating these amounts. These assumptions include, among other things, the discount rate, the expected long-term rate of return...

  • Page 52
    ... and tradenames. During fiscal 2009, the Company recorded impairment charges of $3,524, comprised of $3,223 to goodwill at certain Retail food reporting units and $301 to trademarks and tradenames related to the tradenames acquired in the New Albertsons, Inc. acquisition. Amortization expense of...

  • Page 53
    ...Additions Payments Adjustments Ending balance $167 13 (48) (4) $128 $ 97 70 (22) 22 $167 $118 18 (40) 1 $ 97 During fiscal 2010 and 2009, the Company recorded additional reserves primarily related to the closure of non-strategic stores announced in fiscal 2009. Adjustments to reserves for closed...

  • Page 54
    ... 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 value by approximately $54 and $452 as of February 27, 2010 and...

  • Page 55
    NOTE 6-LONG-TERM DEBT The Company's long-term debt and capital lease obligations consisted of the following: 2010 2009 1.10% to 3.25% Revolving Credit Facility and Variable Rate Notes due June 2011- June 2012 8.00% Notes due May 2016 7.50% Notes due February 2011 7.45% Debentures due August 2029 7....

  • Page 56
    ... to $200 on a revolving basis, with borrowings 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...

  • Page 57
    ..., 2010, the Company had $479 of debt with current maturities that are classified as longterm debt due to the Company's intent to refinance such obligations with the Revolving Credit Facility or other long-term debt. NOTE 7-LEASES The Company leases certain retail stores, distribution centers, office...

  • Page 58
    ... as of February 27, 2010 consist of the following: Lease Receipts Direct Operating Financing Leases Leases Fiscal Year 2011 2012 2013 2014 2015 Thereafter Total minimum lease receipts Less unearned income Net investment in direct financing leases Less current portion Long-term portion $ 24 22 21...

  • Page 59
    ...fiscal 2011. Changes in the Company's unrecognized tax benefits consisted of the following: 2010 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 prior years...

  • Page 60
    ... in fiscal 2006, stock-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...

  • Page 61
    ... stock options exercised during fiscal 2010, 2009, and 2008 was $1, $4 and $93, respectively. Intrinsic value is measured using the fair market value as of the date of exercise for stock options exercised and the fair market value as of February 27, 2010, less the applicable exercise price. The fair...

  • Page 62
    ... expense related to unvested stockbased awards 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...

  • Page 63
    ... pension plans, the Company provides healthcare and life insurance benefits for eligible retired employees under postretirement benefit plans. The Company also provides certain health and welfare benefits, including short-term and long-term disability benefits to inactive disabled employees...

  • Page 64
    ...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 assets at beginning of year Actual return on plan assets Employer contributions Plan participants' contributions Benefits paid Fair...

  • Page 65
    ... year. (2) The Company reviews and selects the discount rate to 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...

  • 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
    ... using closing prices of comparable securities with similar terms or based on acquisition cost and adjusted annually based on audited financial statements. Mutual funds-Certain mutual funds are valued at the closing price reported in the active market in which the individual securities are traded...

  • Page 68
    ... reporting date Purchases, sales, issuances and settlements (net) Ending balance Contributions $ 14 3 18 35 $ The Company expects to contribute $81 to its defined benefit pension plans and $8 to its postretirement benefit plans in fiscal 2011. The Company's funding policy for the defined benefit...

  • Page 69
    ... provided to former or inactive employees. 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...

  • Page 70
    ... 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. While the Company...

  • Page 71
    ... 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 (the "Exchange Act") and Rule...

  • 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
    ...,113 (2,855) (13.51) 0.6875 211 (1) During fiscal 2010 the Company recorded charges of $39, after tax, related to the planned retail market exits, closure of non-strategic stores announced in fiscal 2009 and fees received from the early termination of a supply agreement of which $3, after tax, were...

  • 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
    ... 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, in a manner that allows timely decisions regarding required disclosure. Management's Annual Report on Internal Control Over...

  • Page 77
    ... 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 27, 2010. Changes in Internal Control Over Financial Reporting During the fiscal quarter ended February 27, 2010, there has been...

  • Page 78
    ...the Company's 2010 Annual Meeting of Stockholders under the headings "Election of Directors (Item 1)" and "Board Practices-Other Matters Relating to Directors." The Company has adopted a code of ethics that applies to its principal executive officer, principal financial officer, principal accounting...

  • Page 79
    ... 27, 2010. All employees, consultants or independent contractors providing services to the Company, other than officers or directors of the Company or any of its affiliates who are subject to Section 16 of the Exchange Act, were eligible to participate in the 1997 Stock Plan. The Board of 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
    ..., 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 82
    ... Company's Annual Report on Form 10-K for the year ended February 24, 2007. Amended and Restated Credit Agreement, dated April 5, 2010, by and among SUPERVALU INC., The Royal Bank of Scotland PLC, Credit Suisse Securities (USA) LLC, CoBank, ACB, U.S. Bank N.A., Rabobank International, RBS Securities...

  • Page 83
    ...'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 84
    ... year ended February 24, 2007.* Form of Albertson's, Inc. 2004 Equity and Performance Incentive Plan Award of Deferred Restricted Stock Units is incorporated herein by reference to Exhibit 10.58 to the Current Report on Form 8-K of Albertson's, Inc. (Commission File Number 1-6187) filed with the SEC...

  • Page 85
    ... 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 10-K for the year ended February...

  • Page 86
    ... 10.2 to the Company's Quarterly Report on Form 10-Q for the quarterly period (12 weeks) ended December 2, 2006.* SUPERVALU INC. Directors Retirement Program, as amended, is incorporated herein by reference to Exhibit 10.18 to the Company's Annual Report on Form 10-K for the year ended February 22...

  • Page 87
    ...) for the quarter ended May 4, 2006.* Albertson's, Inc. Executive Pension Makeup Plan, amended and restated as of February 1, 1989, is incorporated herein by reference to Exhibit 10.13 to the Annual Report on Form 10-K of Albertson's, Inc. (Commission File Number 16187) for the year ended February...

  • Page 88
    ...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-K for the year...

  • Page 89
    ...Annual Report on Form 10-K of Albertson's, Inc. (Commission File Number 16187) for the year ended February 3, 2000.* Amendment to the Albertson's, Inc. Executive Pension Makeup Trust, dated as of December 1, 1998, is incorporated herein by reference to Exhibit 10.18.1 to the Quarterly Report on Form...

  • Page 90
    ...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 Albertson's, Inc. (Commission File Number 1-6187) for the year ended...

  • Page 91
    ... 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 S-8 of...

  • Page 92
    .... 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 93
    ...for the quarter ended September 12, 2009.* Form of 2007 Stock Plan Stock Option Agreement and Stock Option Terms and Conditions for Officers, is incorporated herein by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed with the SEC on April 20, 2010.* Form of 2007 Stock Plan...

  • 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
    ...information contained in 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/ CRAIG R. HERKERT Craig R. Herkert Chief Executive Officer...

  • Page 100
    ...-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 Report on Form 10-K fairly presents, in all material respects, the financial condition and...

  • Page 101
    ... local time at the Westin Galleria, 3201 Galleria, Edina, MN 55435 SUPERVALU's common stock is listed on the New York Stock Exchange under symbol SVU. inquiries For general inquiries about SUPERVALU common stock, such as Please contact SUPERVALU's transfer agent: Wells Fargo Shareowner Services...

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