Albertsons 2011 Annual Report Download

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ANNUAL REPORT
FISCAL 2011

Table of contents

  • Page 1
    ANNUAL REPORT FISCAL 2011

  • Page 2
    Financial Highlights (In millions except per share data) 52 Weeks Ended February 27, 2010 52 Weeks Ended February 26, 2011 Net Sales Retail Supply Chain TPtal Net Sales Operating Earnings (LPss) Retail Supply Chain TPtal Operating Earnings (LPss) Impairment and Other Charges (1) $31,637 $8,960 $...

  • Page 3
    ... years. Since the Albertson's acquisition in 2006, SUPERVALU has reduced total debt by more than $2.75 billion. • Expanded Save-A-Lot. We opened 142 new hard-discount Save-A-Lot stores, including ten co-branded locations operated by Rite-Aid and six Hispanic-oriented stores in Texas. Fiscal 2011...

  • Page 4
    ... for which we are known. We began rolling out several components of this plan late last year and will spend much of fiscal 2012 improving our retail pricing, promotional effectiveness, in-stock position, store operations and retail shrink. Funding from our transformative programs has already been...

  • Page 5
    ... class Common Stock, par value $1.00 per share Preferred Share Purchase Rights Name of the exchange on which registered New York Stock Exchange New York Stock Exchange Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned...

  • Page 6
    ... Market Risk ...8. Financial Statements and Supplementary Data ...9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure ...9A. Controls and Procedures ...9B. Other Information ...PART III 10. 11. 12. 13. 14. Directors, Executive Officers and Corporate Governance...

  • Page 7
    ... capital resources to fund new store growth and remodeling activities that achieve appropriate returns on capital investment Competitive Practices k The Company's ability to attract and retain customers k The Company's ability to hire, train or retain employees k Competition from other food or drug...

  • Page 8
    ... favorable credit and trade terms Labor Relations k Potential work disruptions resulting from labor disputes k The ability to negotiate labor contracts with acceptable terms Employee Benefit Costs k Increased operating costs resulting from rising employee benefit costs or pension funding obligations...

  • Page 9
    ..., Jewel, Osco, Sav-on and Shaw's trademarks and tradenames (the "Acquired Trademarks"). The Acquisition greatly increased the size of the Company. SUPERVALU is focused on long-term retail growth through targeted store remodels and new store development in the hard-discount format. During fiscal 2011...

  • Page 10
    ... the number one market 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...

  • Page 11
    ... Supply chain services segments: 2011 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...

  • Page 12
    ... 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 13
    ...Chief Operating Officer, Supply Chain Services, 2006-2011 Executive Vice President Market and Real Estate Development, 2010; Senior Vice President Real Estate and Store Development, 2006-2010 Vice President, Chief Financial Officer Supply Chain Services, 2009-2011; Vice President, Investor Relations...

  • Page 14
    ... other SEC filings may have a material impact on the Company's business, financial condition or results of operations. Current economic conditions The global economy and financial markets have experienced volatility in recent years due to uncertainties related to energy costs, availability of credit...

  • Page 15
    ... 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 16
    ..., potential work disruptions from labor disputes may disrupt the Company's businesses and adversely affect the Company's financial condition and results of operations. Costs of employee benefits The Company provides health benefits and sponsors defined pension and other post-retirement plans for...

  • Page 17
    ... operations. Additionally, data theft, information espionage or other criminal activity directed at the grocery or drug store industry, the transportation industry, or computer or communications systems may adversely affect the Company's businesses by causing the Company to implement costly security...

  • Page 18
    ... 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, Inc., Carolina Manufacturer's Services, Inc., Carolina Coupon Clearing, Inc...

  • Page 19
    ... does not expect that the ultimate resolution of this lawsuit will have a material adverse effect on the Company's financial condition, results of operations or cash flows. In December 2008, a class action complaint was filed in the United States District Court for the Western District of Wisconsin...

  • Page 20
    ... 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 15, 2011, there were 14,962 stockholders of record. Common Stock Price Common Stock Price Range 2011 2010 High Low High Low $ 17.89 13...

  • Page 21
    ... 2006 to the end of fiscal 2011 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...

  • Page 22
    ... hard-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...

  • Page 23
    ... share data) Net sales Cost of sales Gross profit Selling and administrative expenses Goodwill and intangible asset impairment charges Operating earnings (loss) Interest expense, net Earnings (loss) before income taxes Income tax provision (benefit) Net earnings (loss) Net earnings (loss) per share...

  • Page 24
    ... segment sales mix. Retail food gross profit as a percent of Net sales was 27.5 percent for fiscal 2011 compared with 27.4 percent last year. The increase is due to improved promotional effectiveness and a change in product mix. Supply chain gross profit as a percent of Net sales for fiscal 2011 was...

  • Page 25
    ... per diluted share. Net earnings for fiscal 2010 includes net charges of $39 after tax, or $0.18 per diluted share, related to planned retail market exits, closure of non-strategic stores and fees received from the early termination of a supply agreement. Comparison of fifty-two weeks ended February...

  • Page 26
    ... $165 of fiscal 2009 Supply chain services sales is attributable to the extra week. The remaining decrease primarily reflects the completion of a national retail customer's previously announced plans to transition certain volume to self-distribution. Gross Profit Gross profit, as a percent...

  • Page 27
    ...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 28
    ...Related Impairment Charges 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 operating lease liabilities using a discount rate...

  • Page 29
    ... stores, and supply chain services. Fair values are determined by using both the market approach, applying a multiple of earnings based on guideline for publicly traded companies, and the income approach, discounting projected future cash flows based on management's expectations of the current...

  • Page 30
    ...The 10-year average rate of return on pension assets for fiscal 2011 and fiscal 2010 are lower than the assumed long-term rate of return of 7.75 percent due to the unprecedented decline in the economy and the credit market turmoil during fiscal 2009. The Company expects that the markets will recover...

  • Page 31
    ... held in the plans, actions taken by the trustees who manage the plans, and requirements under the Pension Protection Act of 2006 and Section 412(e) of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"). Furthermore, if the Company were to exit certain markets or otherwise...

  • Page 32
    ... maintained through existing and new debt issuances 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...

  • Page 33
    ... senior secured credit facilities to allow for the extension of Term Loan B-1 due in June 2012 to April 2018. The Company expects to complete the amendment in late April 2011. Annual cash dividends declared for fiscal 2011, 2010 and 2009, were $0.3500, $0.6100 and $0.6875 per share, respectively...

  • Page 34
    ... 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 35
    ... 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 36
    ...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 26, 2011, February 27, 2010 and February 28, 2009 Consolidated Statements of Earnings...

  • Page 37
    ... results of their operations and their cash flows for each of the fiscal years in the three-year period ended February 26, 2011, in conformity with U.S. generally accepted accounting principles. In our opinion, the accompanying financial statement schedule, when considered in relation to the basic...

  • Page 38
    SUPERVALU INC. and Subsidiaries CONSOLIDATED SEGMENT FINANCIAL INFORMATION (In millions) February 26, 2011 (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 Total ...

  • Page 39
    ... INC. and Subsidiaries CONSOLIDATED STATEMENTS OF EARNINGS (In millions, except per share data) February 26, 2011 (52 weeks) Net sales Cost of sales Gross profit Selling and administrative expenses Goodwill and intangible asset impairment charges Operating earnings (loss) Interest Interest expense...

  • Page 40
    ... and benefits Current maturities of long-term debt and capital lease obligations Other current liabilities Total current liabilities Long-term debt and capital lease obligations Other liabilities Commitments and contingencies Stockholders' equity Common stock, $1.00 par value: 400 shares authorized...

  • Page 41
    ... plans Purchase of shares for treasury Balances as of February 28, 2009 Net earnings Pension and other postretirement activity (net of tax of $13) Sales of common stock under option plans Cash dividends declared on common stock $0.6100 per share Compensation under employee incentive plans Balances...

  • Page 42
    ... activities Proceeds from issuance of long-term debt Payment of long-term debt and capital lease obligations Dividends paid Net proceeds 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...

  • Page 43
    ...operations under the Acme, Albertsons, Cub Foods, Farm Fresh, Hornbacher's, 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...

  • Page 44
    ... 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 and operating costs...

  • Page 45
    ...-discount stores and supply chain services. Fair values are determined by using both the market approach, applying a multiple of earnings based on guideline publicly traded companies, and the income approach, discounting projected future cash flows based on management's expectations of the current...

  • Page 46
    ... 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 $178 and $191 as of February 26, 2011 and February 27, 2010, respectively. Benefit Plans The Company recognizes the funded...

  • Page 47
    ... statutory interest rate. The Company recognizes interest related to unrecognized tax benefits in interest expense and penalties in Selling and administrative expenses in the Consolidated Statements of Earnings. Net Earnings (Loss) Per Share Basic net earnings (loss) per share is calculated...

  • Page 48
    ... the year. During the second quarter of fiscal 2011 the Company's stock price had a significant and sustained decline and book value per share substantially exceeded the stock price. As a result, the Company completed an impairment review and recorded non-cash impairment charges of $1,840 related to...

  • Page 49
    ... Payments Adjustments Ending balance $ 128 73 (40) 17 178 $ 2010 167 13 (48) (4) 128 $ 2009 97 70 (22) 22 167 $ $ $ During fiscal 2011, the Company recorded additional reserves primarily related to the closure of non-strategic stores announced and closed in the fourth quarter of fiscal 2011...

  • Page 50
    ...of February 27, 2010. Notes receivable are valued based on a discounted cash flow approach applying a market rate for similar instruments. The estimated fair value of the Company's long-term debt (including current maturities) was less than the book value by approximately $189 and $54 as of February...

  • Page 51
    ... capital lease obligations, as of February 26, 2011 consist of the following: Fiscal Year 2012 2013 2014 2015 2016 Thereafter $ 338 806 340 514 568 3,281 Certain of the Company's credit facilities and long-term debt agreements have restrictive covenants and crossdefault provisions which generally...

  • Page 52
    ...credit ratings, was 1.00 percent. As of February 26, 2011, there were $284 of accounts receivable pledged as collateral, classified in Receivables in the Consolidated Balance Sheet. As of February 26, 2011, the Company had $30 of debt with current maturities that are classified as long-term debt due...

  • Page 53
    ... retail stores, distribution centers, office facilities and equipment from third parties. Many of these leases include renewal options and, to a limited extent, include options to purchase. Future minimum lease payments to be made by the Company for noncancellable operating leases and capital leases...

  • Page 54
    ... Year 2012 2013 2014 2015 2016 Thereafter Total minimum lease receipts Less unearned income Net investment in direct financing leases Less current portion Long-term portion $ The carrying value of owned property leased to third parties under operating leases was as follows: 2011 Property, plant...

  • Page 55
    ... allowance. Changes in the Company's unrecognized tax benefits consisted of the following: 2011 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 Decrease...

  • Page 56
    ... 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 57
    ... exercised during fiscal 2011, 2010, and 2009 was $1, $1 and $4, 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 26, 2011, less the applicable exercise price. The fair value of each...

  • Page 58
    ... the cash generated from the settlement of stock options. This annual authorization program replaced the previously existing share purchase program and continues through June 2011. As of February 26, 2011, there remained $70 available to repurchase the Company's common stock. During fiscal 2011, the...

  • Page 59
    ... 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 60
    ...) Amounts recognized in accumulated other comprehensive losses for the defined benefit pension plans and other postretirement benefit plans consists of the following: Pension Benefits 2011 2010 Prior service benefit Net actuarial loss Total recognized in accumulated other comprehensive losses Total...

  • Page 61
    ... fiscal 2012 is $2. Assumptions Weighted average assumptions used to determine benefit obligations and net periodic benefit cost consisted of the following: 2011 Benefit obligation assumptions: Discount rate(2) Rate of compensation increase Net periodic benefit cost assumptions:(1) Discount rate...

  • Page 62
    ... plan. Long-term trends are evaluated relative to market factors such as inflation, interest rates and fiscal and monetary policies in order to assess the capital market assumptions. For those retirees whose health plans provide for variable employer contributions, the assumed healthcare cost trend...

  • Page 63
    ...the fund and divided by the number of shares outstanding. Corporate bonds- Valued based on yields currently available on comparable securities of issuers with similar credit ratings. Government securities- Certain government securities are valued at the closing price reported in the active market in...

  • Page 64
    ... reporting date Purchases, sales, issuances and settlements (net) Ending balance, February 26, 2011 Contributions The Company expects to contribute $70 to its defined benefit pension plans and $8 to its postretirement benefit plans in fiscal 2012. The Company's funding policy for the defined benefit...

  • Page 65
    ...shares of the Company's common stock as of February 26, 2011 and February 27, 2010. 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...

  • Page 66
    ... 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 67
    ...subpoena from the Office of Inspector General for the Department of Health and Human Services' Milwaukee Field Office in connection with an investigation of possible false or otherwise improper claims for payment under the Medicaid program. The subpoena requests retail pharmacy claims data for "dual...

  • Page 68
    ...long-term financial performance, based on operating earnings as a percent of sales. The Retail food reportable segment derives revenues from the sale of groceries at retail locations operated by the Company (both the Company's own stores and stores licensed by the Company). The Supply chain services...

  • Page 69
    ... 2011 year-to-date, all potentially dilutive shares were antidilutive and therefore excluded from the calculation of Net earnings (loss) per share-diluted. During fiscal 2010 the Company recorded charges of $39, after tax, related to the planned retail market exits, closure of non-strategic stores...

  • Page 70
    SUPERVALU INC. and Subsidiaries SCHEDULE II-Valuation and Qualifying Accounts (In millions) Balance at Beginning of Fiscal Year $ 12 15 20 Balance at End of Fiscal Year $ 8 12 15 Description Allowance for losses on receivables: 2011 2010 2009 Additions 12 6 15 Deductions (16) (9) (20) 66

  • Page 71
    ... that information required to be disclosed by the Company in the reports that 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...

  • Page 72
    ... 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 26, 2011. Changes in Internal Control Over Financial Reporting During the fiscal quarter ended February 26, 2011, there has been...

  • Page 73
    ...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 to Regulation 14A in connection with the Company's 2011 Annual Meeting of Stockholders under the...

  • Page 74
    ... Statement to be filed with the SEC pursuant to Regulation 14A in connection with the Company's 2011 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 75
    ... Company listed in the accompanying "Index of Financial Statements and Schedules." (3) Exhibits: (2) Plan of Acquisition, Reorganization, Arrangement, Liquidation or Succession: 2.1 Agreement and Plan of Merger, dated January 22, 2006, by and among Albertson's Inc., New Aloha Corporation (n/k/a New...

  • Page 76
    ... herein by reference to Exhibit 4.14 to the Company's Annual Report on Form 10-K for the year ended February 24, 2007. Supplemental Indenture No. 2 dated as of June 1, 2006, between Albertson's LLC, New Albertson's, Inc. and U.S. Bank Trust National Association, as Trustee, to Indenture dated as of...

  • Page 77
    ...'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 78
    ...) c. to the Company's Annual Report on Form 10-K for the year ended February 22, 1997.* 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...

  • Page 79
    ... Current Report on Form 8-K of Albertson's, Inc. (Commission File Number 1-6187) filed with the SEC on January 31, 2006.* Albertson's Inc. 1995 Stock-Based Incentive Plan, as amended, is incorporated herein by reference to Exhibit 10.36 to the Company's Annual Report on Form 10-K for the year ended...

  • Page 80
    ... File Number 1-6187) filed with the SEC on December 20, 2004.* 10.35 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.* SUPERVALU...

  • Page 81
    ....48 Sixth Amendment to SUPERVALU INC. Non-Qualified Supplement Executive Retirement Plan, is incorporated herein by reference to Exhibit 10.48 to the Company's Annual Report on Form 10-K for the year ended February 28, 2009.* SUPERVALU INC. Non-Employee Directors Deferred Stock Plan, as amended, is...

  • Page 82
    ... the 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 Plan, amended and restated as of February 1, 1989, is incorporated herein by reference to Exhibit 10.13 to the Annual Report on Form...

  • Page 83
    ... 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 84
    ... the 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. 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...

  • Page 85
    ...to the Annual Report on Form 10-K of Albertson's, Inc. (Commission File Number 1-6187) for the year ended February 1, 2001.* 10.103 American Stores Company Supplemental Executive Retirement Plan 1998 Restatement is incorporated herein by reference to Exhibit 4.1 of the Registration Statement on Form...

  • Page 86
    ... 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.* 10.115 SUPERVALU INC. 2007 Stock Plan Form of Performance Stock Unit Award Terms...

  • Page 87
    ... for the quarter ended November 29, 2008.* 10.122 Omnibus 409a Amendment of New Albertsons Nonqualified Plans, effective January 1, 2009, is incorporated herein by reference to Exhibit 10.122 to the Company's Annual Report on Form 10-K for the year ended February 28, 2009.* 10.123 Form of Change of...

  • Page 88
    ... and other persons from time to time parties hereto, is incorporated herein by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q filed with the SEC on October 20, 2010. 10.132 Severance Agreement and General Release, dated July 26, 2010, by and among SUPERVALU INC and...

  • Page 89
    ... Data File. 101. The following materials from the SUPERVALU INC. Annual Report on Form 10-K for the fiscal year ended February 26, 2011 formatted in Extensible Business Reporting Language (XBRL): (i) the Consolidated Segment Financial Information (ii) the Consolidated Statements of Earnings...

  • Page 90
    ... duly authorized. SUPERVALU INC. (Registrant) DATE: April 21, 2011 By: /s/ CRAIG R. HERKERT Craig R. Herkert 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 91
    ... Report on Form 10-K for the fiscal year ended February 26, 2011, the Chief Executive Officer and Chief Financial Officer certifications required by Section 302 of the Sarbanes-Oxley Act of 2002. The company has also filed with the New York Stock Exchange the required annual Chief Executive Officer...

  • Page 92
    P.O. Box 990 Minneapolis, MN 55440 952-828-4000 www.supervalu.com