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 SUPERVALU Reports Fourth Quarter and Full Year Fiscal 2016 Results
   Tuesday, April 26, 2016 6:30:03 AM ET

--Net diluted earnings per share from continuing operations of $0.18; adjusted diluted earnings per share of $0.23

--Total outstanding debt reduced by $169 million in fiscal 2016

SUPERVALU INC. (SVU ) today reported fourth quarter fiscal 2016 consolidated net sales of $3.95 billion and net earnings from continuing operations of $49 million, or $0.18 per diluted share, which included $15 million in after-tax charges and costs related to debt refinancing, store closures and impairments, the potential separation of Save-A-Lot and employee severance. When adjusted for these items, fourth quarter fiscal 2016 net earnings from continuing operations were $64 million, or $0.23 per diluted share.



Net earnings from continuing operations for last year’s fourth quarter were $36 million, or $0.13 per diluted share, which included $30 million in after-tax costs and charges related to debt refinancing, benefit plans, and store closures and impairments. When adjusted for these items, fourth quarter fiscal 2015 net earnings from continuing operations were $66 million, or $0.24 per diluted share, which included an approximate $0.03 per diluted share benefit related to the additional week in fiscal 2015. [See tables 1-5 for a reconciliation of GAAP and non-GAAP (adjusted) results appearing in this release.]

"I am thrilled to be a part of SUPERVALU and impressed with the people, assets and infrastructure that are in place within this great company," said President and CEO Mark Gross. "Although fourth quarter sales were softer than we had forecast, I am optimistic about our future prospects and pleased at our ability to manage adjusted EBITDA to finish in-line with our expectations. We have a lot of positives to build on as we move forward."

Fourth Quarter Results - Continuing Operations

Fourth quarter consolidated net sales were $3.95 billion compared to $4.07 billion last year when excluding the additional week in fiscal 2015, which accounted for $313 million in net sales last year. Total net sales within the Wholesale segment decreased 4.8 percent excluding the additional week in fiscal 2015. Save-A-Lot network identical store sales were negative 2.2 percent. Identical store sales for corporate stores within the Save-A-Lot network were negative 1.3 percent. Retail segment identical store sales were negative 3.9 percent. Fees earned under transition services agreements ("TSAs") in the fourth quarter were $44 million compared to $45 million last year, when excluding $4 from the additional week last year.

Gross profit for the fourth quarter was $590 million, or 15.0 percent of net sales. Last year’s fourth quarter gross profit was $663 million, or 15.1 percent of net sales, which included the additional week in fiscal 2015 that contributed approximately $49 million to fourth quarter fiscal 2015 gross profit. The decrease in gross profit as a percent of sales compared to last year was primarily driven by higher inventory shrink and employee costs.

Selling and administrative expenses in the fourth quarter were $489 million and included charges and costs of $9 million for store closure and impairments, $3 million for the potential separation of Save-A-Lot and $2 million for employee severance. When adjusted for these items, selling and administrative costs were $475 million, or 12.1 percent of net sales. Selling and administrative expenses in last year’s fourth quarter were $524 million and included $6 million of benefit plan charges and $3 million of store closure and impairment charges. When adjusted for these items, last year’s selling and administrative expenses were $515 million, or 11.8 percent of net sales. The additional week in fiscal 2015 contributed approximately $32 million to fourth quarter fiscal 2015 selling and administrative expenses. The increase in adjusted selling and administrative expenses as a percent of sales compared to last year was primarily driven by a change in business segment mix as Save-A-Lot and Retail were a greater percentage of total sales in the fourth quarter of fiscal 2016 compared to the fourth quarter of fiscal 2015.

Net interest expense for the fourth quarter was $48 million and included $10 million in debt refinancing costs and charges. When adjusted for these items, net interest expense was $38 million. Last year’s fourth quarter interest expense was $87 million and included $40 million in debt refinancing costs and charges and $3 million from the additional week. When adjusted for these items, last year’s fourth quarter interest expense was $44 million. The decrease in adjusted net interest expense was primarily driven by lower outstanding debt balances.

Income tax expense was $6 million, or 11.3 percent of pre-tax earnings, for the fourth quarter, compared to $17 million, or 31.7 percent in last year’s fourth quarter. The tax rate for the fourth quarter of fiscal 2016 reflects the resolution of certain federal and state tax matters. The tax rate for the fourth quarter of fiscal 2015 reflects the resolution of certain tax matters for closed years.

Wholesale

Fourth quarter Wholesale net sales were $1.74 billion, compared to $1.83 billion last year when excluding $143 million in net sales from the additional week in fiscal 2015. The net sales decrease of 4.8 percent when excluding the additional week in fiscal 2015 is primarily due to lost accounts and lower sales to existing customers, partially offset by increased sales to new customers and new stores operated by existing customers.

Wholesale operating earnings in the fourth quarter were $50 million, or 2.9 percent of net sales. Last year’s Wholesale operating earnings in the fourth quarter were $63 million, or 3.2 percent of net sales. The additional week in fiscal 2015 contributed approximately $7 million to Wholesale operating earnings. The decrease in Wholesale operating earnings as a percent of sales was driven by higher employee costs.

Save-A-Lot

Fourth quarter Save-A-Lot net sales were $1.06 billion, compared to $1.06 billion last year when excluding $79 million in net sales from the additional week in fiscal 2015. The net sales decrease of 0.8 percent when excluding the additional week in fiscal 2015 reflects identical store sales across the Save-A-Lot network of negative 2.2 percent and the impact of closed stores, partially offset by increased sales from new corporate and licensed stores.

Save-A-Lot operating earnings in the fourth quarter were $14 million, or 1.4 percent of net sales, and included $9 million of store closure and impairment charges and $2 million of severance costs. When adjusted for these items, Save-A-Lot’s operating earnings were $25 million, or 2.4 percent of sales. Last year’s Save-A-Lot operating earnings in the fourth quarter were $47 million, or 4.1 percent of net sales, and included $3 million of store closure and impairment charges. When adjusted for this item, last year’s Save-A-Lot operating earnings were $50 million, or 4.4 percent of net sales. The additional week in fiscal 2015 contributed approximately $4 million to Save-A-Lot operating earnings. The decrease in Save-A-Lot operating earnings as a percent of sales was driven by higher employee and store occupancy costs, and higher inventory shrink.

Retail

Fourth quarter Retail net sales were $1.11 billion, compared to $1.14 billion last year when excluding $87 million in net sales from the additional week in fiscal 2015. The net sales decrease of 2.6 percent when excluding the additional week in fiscal 2015 reflects negative identical store sales of 3.9 percent, partially offset by sales from new stores.

Retail operating earnings in the fourth quarter were $30 million, or 2.7 percent of net sales. Last year’s Retail operating earnings in the fourth quarter were $44 million, or 3.6 percent of net sales. The additional week in fiscal 2015 contributed approximately $7 million to Retail operating earnings. The decrease in Retail operating earnings as a percent of sales was driven by lower base margins, higher inventory shrink, and higher employee costs.

Corporate

Fourth quarter fees earned under the TSAs were $44 million compared to $45 million last year when excluding $4 million in fees from the additional week in fiscal 2015.

Net Corporate operating earnings in the fourth quarter was $7 million and included $3 million of costs related to the potential separation of Save-A-Lot. When adjusted for this item, net Corporate operating earnings were $10 million. Last year’s fourth quarter net Corporate operating loss was $15 million and included $6 million in pension and employee benefit plan charges. The additional week in fiscal 2015 contributed a loss of approximately $1 million. When adjusted for these items, last year’s net Corporate operating loss was $8 million. The improvement in net Corporate operating earnings was primarily driven by lower employee costs.

Cash Flows - Continuing Operations

Fiscal 2016 net cash flows provided by operating activities of continuing operations were $421 million compared to $333 million last year, primarily reflecting lower benefit plan contributions. Fiscal 2016 cash flows used in investing activities of continuing operations were $288 million compared to $285 million last year. Fiscal 2016 net cash flows used in financing activities of continuing operations were $193 million compared to $92 million last year, reflecting higher net payments made toward the reduction of outstanding debt.

Conference Call

A conference call to review the fourth quarter and full year fiscal 2016 results is scheduled for 9:00 a.m. central time today. The call will be webcast live at www.supervaluinvestors.com (click on microphone icon). A replay of the call will be archived at www.supervaluinvestors.com. To access the website replay go to the "Investors" link and click on "Presentations and Webcasts."

About SUPERVALU INC.

SUPERVALU INC. is one of the largest grocery wholesalers and retailers in the U.S. with annual sales of approximately $18 billion. SUPERVALU serves customers across the United States through a network of 3,588 stores composed of 1,796 independent stores serviced primarily by the Company’s food distribution business; 1,360 Save-A-Lot stores, of which 897 are operated by licensee owners; and 200 traditional retail grocery stores (store counts as of February 27, 2016). Headquartered in Minnesota, SUPERVALU has approximately 40,000 employees. For more information about SUPERVALU visit www.supervalu.com.

CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995.

Except for the historical and factual information contained herein, the matters set forth in this news release, particularly those pertaining to SUPERVALU’s expectations, guidance, or future operating results, and other statements identified by words such as "estimates," "expects," "projects," "plans," "intends," and similar expressions are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including competition, ability to execute operations and initiatives, ability to realize benefits from acquisitions and dispositions, impact of exploration of possible separation of Save-A-Lot, reliance on wholesale customers and licensees ability to grow or maintain identical store sales, ability to maintain or increase margins, substantial indebtedness, labor relations issues, escalating costs of providing employee benefits, relationships with Albertson’s LLC, New Albertson’s Inc., and Haggen, intrusions to and disruption of information technology systems, impact of economic conditions, commodity pricing, governmental regulation, food and drug safety issues, legal proceedings, pharmacy reimbursement and health care financing, intellectual property protection, severe weather, natural disasters and adverse climate changes, disruption to supply chain and distribution network, changes in military business, adequacy of insurance, volatility in fuel and energy costs, asset impairment charges, fluctuations in our common stock price and other risk factors relating to our business or industry as detailed from time to time in SUPERVALU’s reports filed with the SEC. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, SUPERVALU undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

 
                                                                                                                                                                                                                                     SUPERVALU INC. and Subsidiaries
                                                                                                                                                                                                                                     CONSOLIDATED STATEMENTS OF OPERATIONS
                                                                                                                                                                                                                                     (Unaudited)
                                                                                                                                                                                                                                     (In millions, except percent and per share data)
                                                                                                                                                                                                                                                                                                   
                                                                                                                                                                                                  Fourth Quarter Ended                                                                                                                                                                                                                                                        Fiscal Year Ended
                                                                                ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                     ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                   February 27,                                                                                                        February 28,                                                                                                                       February 27,                                                                                                    February 28,
                                                                                                                                       2016                                                                                                                                   2015                                                                                                                               2016                                                                                                                               2015
                                                                                                                                    (12 weeks)                                                                                                                             (13 weeks)                                                                                                                         (52 weeks)                                                                                                                         (53 weeks)
                                                                                ------------------------------------------------------------------------------------------------------------                           ------------------------------------------------------------------------------------------------------------                           ----------------------------------------------------------------------------------------------------                           ------------------------------------------------------------------------------------------------------------
Net sales(1)                                                                    $                             3,946                                 100.0 %                                         $                             4,387                                 100.0 %                                         $                    17,529                                 100.0 %                                         $                            17,917                                 100.0 %
Cost of sales                                                                              3,356                                  85.0                                   3,724                                  84.9                          14,945                                  85.3                                  15,329                                  85.6  
                                                                                -------------------- -------------- --------------------                      -------------- --------------------                      -------------------- -------------- --------------------                      -------------- --------------------                      -------------------- ------ --------------------                      -------------- --------------------                      -------------------- -------------- --------------------                      -------------- --------------------
Gross profit                                                                                                    590                                                     15.0                                                                           663                                                     15.1                                                                 2,584                                                     14.7                                                                         2,588                                                     14.4
Selling and administrative expenses(2)                                                                          489                                                     12.4                                                                           524                                                     12.0                                                                 2,124                                                     12.1                                                                         2,164                                                     12.1
Intangible asset impairment charge(2)                                             --                        --                          --                        --                               6     --                          --                        --  
                                                                                -------------------- -------------- --------------------                      -------------- --------------------                      -------------------- -------------- --------------------                      -------------- --------------------                      -------------------- ------ --------------------                      -------------- --------------------                      -------------------- -------------- --------------------                      -------------- --------------------
Operating earnings                                                                                              101                                                      2.6                                                                           139                                                      3.2                                                                   454                                                      2.6                                                                           424                                                      2.4
Interest expense, net(2)                                                                                         48                                                      1.2                                                                            87                                                      2.0                                                                   196                                                      1.1                                                                           243                                                      1.4
Equity in earnings of unconsolidated affiliates                                               (2 )                                         --                                      (1 )                                         --                              (5 )                                         --                                      (4 )                                         --  
                                                                                -------------------- -------------- --------------------                      -------------- --------------------                      -------------------- -------------- --------------------                      -------------- --------------------                      -------------------- ------ --------------------                      -------------- --------------------                      -------------------- -------------- --------------------                      -------------- --------------------
Earnings from continuing operations before income taxes(2)                                                       55                                                      1.4                                                                            53                                                      1.2                                                                   263                                                      1.5                                                                           185                                                      1.0
Income tax provision                                                                           6                                   0.1                                      17                                   0.4                              85                                   0.5                                      58                                   0.3  
                                                                                -------------------- -------------- --------------------                      -------------- --------------------                      -------------------- -------------- --------------------                      -------------- --------------------                      -------------------- ------ --------------------                      -------------- --------------------                      -------------------- -------------- --------------------                      -------------- --------------------
Net earnings from continuing operations(2)                                                                       49                                                      1.3                                                                            36                                                      0.8                                                                   178                                                      1.0                                                                           127                                                      0.7
Income from discontinued operations, net of tax                                                5                                   0.1                                       4                                   0.1                               8                        --                                      72                                   0.4  
                                                                                -------------------- -------------- --------------------                      -------------- --------------------                      -------------------- -------------- --------------------                      -------------- --------------------                      -------------------- ------ --------------------                      -------------- --------------------                      -------------------- -------------- --------------------                      -------------- --------------------
Net earnings including noncontrolling interests                                                                  54                                                      1.4                                                                            40                                                      0.9                                                                   186                                                      1.1                                                                           199                                                      1.1
Less net earnings attributable to noncontrolling interests                                    (2 )                                         --                                      (1 )                                         --                              (8 )                                         --                                      (7 )                                         --  
                                                                                -------------------- -------------- --------------------                      -------------- --------------------                      -------------------- -------------- --------------------                      -------------- --------------------                      -------------------- ------ --------------------                      -------------- --------------------                      -------------------- -------------- --------------------                      -------------- --------------------
Net earnings attributable to SUPERVALU INC.                                     $                                52                                   1.4 %                                         $                                39                                   0.9 %                                         $                       178                                   1.0 %                                         $                               192                                   1.1 %
                                                                                ==================== ============== ====================                      ============== ====================                      ==================== ============== ====================                      ============== ====================                      ==================== ====== ====================                      ============== ====================                      ==================== ============== ====================                      ============== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Basic net earnings per share attributable to SUPERVALU INC.:
  Continuing operations                                                         $                              0.18                                                                                                    $                              0.13                                                                                                    $                      0.64                                                                                                    $                              0.46
  Discontinued operations                                                       $                              0.02                                                                                                    $                              0.02                                                                                                    $                      0.03                                                                                                    $                              0.28
  Basic net earnings per share                                                  $                              0.20                                                                                                    $                              0.15                                                                                                    $                      0.68                                                                                                    $                              0.74
Diluted net earnings per share attributable to SUPERVALU INC.:
  Continuing operations(2)                                                      $                              0.18                                                                                                    $                              0.13                                                                                                    $                      0.63                                                                                                    $                              0.45
  Discontinued operations                                                       $                              0.02                                                                                                    $                              0.02                                                                                                    $                      0.03                                                                                                    $                              0.27
  Diluted net earnings per share                                                $                              0.20                                                                                                    $                              0.14                                                                                                    $                      0.66                                                                                                    $                              0.73
Weighted average number of shares outstanding:
  Basic                                                                                                         264                                                                                                                                    261                                                                                                                            263                                                                                                                                    260
  Diluted                                                                                                       267                                                                                                                                    266                                                                                                                            268                                                                                                                                    264
     
(1)                      In the first quarter of fiscal 2016, the Company completed an
                         assessment of its revenue and expense presentation primarily related
                         to professional services and certain other transactions. Expenses
                         related to transactions in which the Company determined it was the
                         principal were previously presented net of related revenues within
                         Net sales in the Consolidated Statements of Operations. The
                         presentation of these expenses has been revised to include them
                         within Cost of sales and Selling and administrative expenses. These
                         revisions had the effect of increasing Net sales with a
                         corresponding increase to Cost of sales and Selling and
                         administrative expenses. These revisions did not impact Operating
                         earnings, Earnings from continuing operations before income taxes,
                         Net earnings attributable to SUPERVALU INC., cash flows, or
                         financial position for any period reported.
                          
(2)                      Results from continuing operations for the fourth quarter ended
                         February 27, 2016 include net charges and costs of $24 before tax
                         ($15 after tax, or $0.05 per diluted share), comprised of store
                         closure and impairment charges of $9 before tax ($5 after tax, or
                         $0.02 per diluted share), costs related to the potential Save-A-Lot
                         separation of $3 before tax ($3 after tax, or $0.01 per diluted
                         share), and severance costs of $2 before tax ($1 after tax, or $0.00
                         per diluted share) within Selling and administrative expenses, and
                         debt refinancing costs of $6 before tax ($4 after tax, or $0.01 per
                         diluted share) and unamortized financing cost charges of $4 before
                         tax ($2 after tax, or $0.01 per diluted share) within Interest
                         expense, net.
                          
                         Results from continuing operations for the fourth quarter ended
                         February 28, 2015 include net charges and costs of $49 before tax
                         ($30 after tax, or $0.11 per diluted share), comprised of debt
                         refinancing costs of $35 before tax ($22 after tax, or $0.08 per
                         diluted share) and unamortized financing cost charges of $5 before
                         tax ($3 after tax, or $0.01 per diluted share) included within
                         Interest expense, net, and a benefit plan charge of $5 before tax
                         ($3 after tax, or $0.01 per diluted share), store closure charges of
                         $3 before tax ($2 after tax, or $0.01 per diluted share) and a
                         further pension settlement charge of $1 before tax ($0 after tax, or
                         $0.00 per diluted share) included within Selling and administrative
                         expenses.
                          
                         Results from continuing operations for the year ended February 27,
                         2016 include net charges and costs of $51 before tax ($34 after tax,
                         or $0.13 per diluted share), comprised of costs related to the
                         potential Save-A-Lot separation of $15 before tax ($12 after tax, or
                         $0.04 per diluted share), store closure and impairment charges of
                         $12 before tax ($7 after tax, or $0.03 per diluted share), and
                         severance costs of $8 before tax ($5 after tax, or $0.02 per diluted
                         share) within Selling and administrative expenses, an intangible
                         asset impairment charge of $6 before tax ($4 after tax, or $0.01 per
                         diluted share) within Intangible asset impairment charge, and debt
                         refinancing costs of $6 before tax ($4 after tax, or $0.02 per
                         diluted share) and unamortized financing cost charges of $4 before
                         tax ($2 after tax, or $0.01 per diluted share) within Interest
                         expense, net.
                          
                         Results from continuing operations for the year ended February 28,
                         2015 include net charges and costs of $118 before tax ($70 after
                         tax, or $0.27 per diluted share), comprised of pension settlement
                         charges of $64 before tax ($36 after tax, or $0.14 per diluted
                         share), a benefit plan charge of $5 before tax ($3 after tax, or
                         $0.01 per diluted share), store closure and impairment charges of $3
                         before tax ($2 after tax, or $0.01 per diluted share), information
                         technology intrusion costs, net of insurance recoverable, of $2
                         before tax ($1 after tax, or $0.01 per diluted share) and severance
                         costs of $1 before tax ($1 after tax, or $0.00 per diluted share)
                         included within Selling and administrative expenses, and debt
                         refinancing costs of $37 before tax ($23 after tax, or $0.08 per
                         diluted share) and unamortized financing cost charges of $6 before
                         tax ($4 after tax, or $0.02 per diluted share) included within
                         Interest expense, net.
                          
 
                                                                                                                                                                  SUPERVALU INC. and Subsidiaries
                                                                                                                                                                           CONSOLIDATED
                                                                                                                                                                   SEGMENT FINANCIAL INFORMATION
                                                                                                                                                                            (Unaudited)
                                                                                                                                                                                (In
                                                                                                                                                                  millions, except percent data)
                                                                                                                                                                                            
                                                                                                                                     Fourth Quarter Ended                                                                                                                                 Fiscal Year Ended
                                                                                ------------------------------------------------------------------------------------------------------------------------------                     -------------------------------------------------------------------------------------------------------------------------------
                                                                                                  February 27,                                          February 28,                                                              February 27,                                           February 28,
                                                                                                      2016                                                                     2015                                                                      2016                                                                      2015
                                                                                                   (12 weeks)                                                               (13 weeks)                                                                (52 weeks)                                                                (53 weeks)
                                                                                ---------------------------------------------                        ------------------------------------------------------                        ----------------------------------------------                        ------------------------------------------------------
Net sales
  Wholesale                                                                     $                    1,740                                           $                             1,971                                           $                     7,935                                           $                             8,198
    % of total                                                                                        44.1 %                                                                        44.9 %                                                                45.3 %                                                                        45.8 %
  Save-A-Lot                                                                                         1,055                                                                         1,143                                                                 4,623                                                                         4,641
    % of total                                                                                        26.7 %                                                                        26.1 %                                                                26.4 %                                                                        25.8 %
  Retail                                                                                             1,107                                                                         1,224                                                                 4,769                                                                         4,884
    % of total                                                                                        28.1 %                                                                        27.9 %                                                                27.2 %                                                                        27.3 %
  Corporate                                                                                             44                                                                            49                                                                   202                                                                           194
    % of total                                                                      1.1 %                                                      1.1 %                                              1.1 %                                                      1.1 %
                                                                                -------------------- ----- --------------------                      -------------------- -------------- --------------------                      -------------------- ------ --------------------                      -------------------- -------------- --------------------
      Total net sales                                                           $                    3,946                                           $                             4,387                                           $                    17,529                                           $                            17,917
                                                                                  100.0 %                                                    100.0 %                                            100.0 %                                                    100.0 %
                                                                                ==================== ===== ====================                      ==================== ============== ====================                      ==================== ====== ====================                      ==================== ============== ====================
Operating earnings
  Wholesale(1)                                                                  $                       50                                           $                                63                                           $                       230                                           $                               243
    % of Wholesale sales                                                                               2.9 %                                                                         3.2 %                                                                 2.9 %                                                                         3.0 %
  Save-A-Lot(2)                                                                                         14                                                                            47                                                                   129                                                                           153
    % of Save-A-Lot sales                                                                              1.4 %                                                                         4.1 %                                                                 2.8 %                                                                         3.3 %
  Retail(3)                                                                                             30                                                                            44                                                                    94                                                                           122
    % of Retail sales                                                                                  2.7 %                                                                         3.6 %                                                                 2.0 %                                                                         2.5 %
  Corporate(4)                                                                        7                                     (15 )                                                1                                     (94 )
                                                                                -------------------- ----- --------------------                      -------------------- -------------- --------------------                      -------------------- ------ --------------------                      -------------------- -------------- --------------------
    Total operating earnings                                                                           101                                                                           139                                                                   454                                                                           424
      % of total net sales                                                                             2.6 %                                                                         3.2 %                                                                 2.6 %                                                                         2.4 %
Interest expense, net(5)                                                                                48                                                                            87                                                                   196                                                                           243
Equity in earnings of unconsolidated affiliates                                      (2 )                                                       (1 )                                               (5 )                                                       (4 )
                                                                                -------------------- ----- --------------------                      -------------------- -------------- --------------------                      -------------------- ------ --------------------                      -------------------- -------------- --------------------
Earnings from continuing operations before income taxes                                                 55                                                                            53                                                                   263                                                                           185
Income tax provision                                                                  6                                      17                              85                                      58  
                                                                                -------------------- ----- --------------------                      -------------------- -------------- --------------------                      -------------------- ------ --------------------                      -------------------- -------------- --------------------
Net earnings from continuing operations                                                                 49                                                                            36                                                                   178                                                                           127
Income from discontinued operations, net of tax                                       5                                       4                               8                                      72  
                                                                                -------------------- ----- --------------------                      -------------------- -------------- --------------------                      -------------------- ------ --------------------                      -------------------- -------------- --------------------
Net earnings including noncontrolling interests                                                         54                                                                            40                                                                   186                                                                           199
Less net earnings attributable to noncontrolling interests                           (2 )                                                       (1 )                                               (8 )                                                       (7 )
                                                                                -------------------- ----- --------------------                      -------------------- -------------- --------------------                      -------------------- ------ --------------------                      -------------------- -------------- --------------------
Net earnings attributable to SUPERVALU INC.                                     $                       52                        $                                39                        $                       178                        $                               192  
                                                                                ==================== ===== ====================                      ==================== ============== ====================                      ==================== ====== ====================                      ==================== ============== ====================
                                                                                                                                                                                                                                                                                                          
LIFO charge
  Wholesale                                                                     $                       (1 )                                         $                                 1                                           $                         1                                           $                                 4
                                                                                     (2 )                                           --                               2                                       4  
  Retail
                                                                                -------------------- ----- --------------------                      -------------------- -------------- --------------------                      -------------------- ------ --------------------                      -------------------- -------------- --------------------
    Total LIFO charge                                                           $                       (3 )                                         $                                 1                        $                         3                        $                                 8  
                                                                                ==================== ===== ====================                      ==================== ============== ====================                      ==================== ====== ====================                      ==================== ============== ====================
Depreciation and amortization
  Wholesale                                                                     $                       12                                           $                                12                                           $                        49                                           $                                48
  Save-A-Lot                                                                                            17                                                                            15                                                                    71                                                                            65
  Retail                                                                                                35                                                                            39                                                                   153                                                                           172
  Corporate                                                                           1                          --                               3                          --  
                                                                                -------------------- ----- --------------------                      -------------------- -------------- --------------------                      -------------------- ------ --------------------                      -------------------- -------------- --------------------
    Total depreciation and amortization                                         $                       65                        $                                66                        $                       276                        $                               285  
                                                                                ==================== ===== ====================                      ==================== ============== ====================                      ==================== ====== ====================                      ==================== ============== ====================
     
(1)                      Wholesale operating earnings for the fiscal year ended February 27,
                         2016 include an intangible asset impairment charge of $6. Wholesale
                         operating earnings for the fiscal year ended February 28, 2015
                         include severance costs of $1.
                          
(2)                      Save-A-Lot operating earnings for the fourth quarter ended February
                         27, 2016 include store closure and impairment charges of $9 and
                         severance costs of $2. Save-A-Lot operating earnings for the fourth
                         quarter and fiscal year ended February 28, 2015 include store
                         closure and impairment charges of $3. Save-A-Lot operating earnings
                         for the fiscal year ended February 27, 2016 include store closure
                         and impairment charges of $11 and severance costs of $2.
                          
(3)                      Retail operating earnings for the fiscal year ended February 27,
                         2016 include store closure and impairment charges of $1.
                          
(4)                      Corporate operating earnings for the fourth quarter ended February
                         27, 2016 include costs related to the potential Save-A-Lot
                         separation of $3. Corporate operating loss for the fourth quarter
                         ended February 28, 2015 includes a benefit plan charge of $5 and a
                         non-cash pension settlement charge of $1. Corporate operating
                         earnings for the fiscal year ended February 27, 2016 include costs
                         related to the potential Save-A-Lot separation of $15 and severance
                         costs of $6. Corporate operating loss for the fiscal year ended
                         February 28, 2015 includes a non-cash pension settlement charge of
                         $64, a benefit plan charge of $5 and information technology
                         intrusion costs, net of insurance recoverable, of $2.
                          
(5)                      Interest expense, net for the fourth quarter and fiscal year ended
                         February 27, 2016 includes debt refinancing costs of $6 and
                         unamortized financing costs charges of $4. Interest expense, net for
                         the fourth quarter ended February 28, 2015 includes debt refinancing
                         costs $35 and unamortized financing costs charges of $5. Interest
                         expense, net for the fiscal year ended February 28, 2015 includes
                         debt refinancing costs of $37 and unamortized financing costs
                         charges of $6.
                          
 
                                                                                            SUPERVALU INC. and Subsidiaries
                                                                                              CONSOLIDATED BALANCE SHEETS
                                                                                         (In millions, except par value data)
                                                                                                                              
                                                                                                                 February 27,                                                          February 28,
                                                                                                                     2016                                                                  2015
                                                                                               ----------------------------------------------                        ----------------------------------------------
                                  ASSETS
Current assets
  Cash and cash equivalents                                                                    $                        57                                           $                       114
  Receivables, net                                                                                                     451                                                                   482
  Inventories, net                                                                                                   1,036                                                                   984
  Other current assets                                                                               91                             120  
                                                                                               -------------------- ------ --------------------                      -------------------- ------ --------------------
    Total current assets                                                                                             1,635                                                                 1,700
Property, plant and equipment, net                                                                                   1,481                                                                 1,470
Goodwill                                                                                                               867                                                                   865
Intangible assets, net                                                                                                  55                                                                    48
Deferred tax assets                                                                                                    228                                                                   250
Other assets                                                                                        104                             101  
                                                                                               -------------------- ------ --------------------                      -------------------- ------ --------------------
Total assets                                                                                   $                     4,370                        $                     4,434  
                                                                                               ==================== ====== ====================                      ==================== ====== ====================
     LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities
  Accounts payable                                                                             $                     1,118                                           $                     1,121
  Accrued vacation, compensation and benefits                                                                          182                                                                   204
  Current maturities of long-term debt and capital lease obligations                                                   124                                                                    35
  Other current liabilities                                                                         148                             157  
                                                                                               -------------------- ------ --------------------                      -------------------- ------ --------------------
    Total current liabilities                                                                                        1,572                                                                 1,517
Long-term debt                                                                                                       2,197                                                                 2,445
Long-term capital lease obligations                                                                                    203                                                                   213
Pension and other postretirement benefit obligations                                                                   578                                                                   602
Long-term tax liabilities                                                                                               81                                                                   119
Other long-term liabilities                                                                                            172                                                                   174
Commitments and contingencies
Stockholders’ deficit
  Common stock, $0.01 par value: 400 shares authorized; 266 and 262                                                      3                                                                     3
  shares issued, respectively
  Capital in excess of par value                                                                                     2,808                                                                 2,810
  Treasury stock, at cost, 1 and 2 shares, respectively                                                                 (5 )                                                                 (33 )
  Accumulated other comprehensive loss                                                                                (422 )                                                                (423 )
  Accumulated deficit                                                                            (2,825 )                                           (3,003 )
                                                                                               -------------------- ------ --------------------                      -------------------- ------ --------------------
    Total SUPERVALU INC. stockholders’ deficit                                             (441 )                                                                (646 )
  Noncontrolling interests                                                                            8                              10  
                                                                                               -------------------- ------ --------------------                      -------------------- ------ --------------------
Total stockholders’ deficit                                             (433 )                                             (636 )
                                                                                               -------------------- ------ --------------------                      -------------------- ------ --------------------
Total liabilities and stockholders’ deficit                         $                     4,370                        $                     4,434  
                                                                                               ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                                                                                                  
 
                                                                                                  SUPERVALU INC. and Subsidiaries
                                                                                               CONSOLIDATED STATEMENTS OF CASH FLOWS
                                                                                                           (In millions)
                                                                                 
                                                                                                                                                           Fiscal Year Ended
                                                                                                     -----------------------------------------------------------------------------------------------------------------------------
                                                                                                                      February 27,                                          February 28,
                                                                                                                          2016                                                                     2015
                                                                                                                       (52 weeks)                                                               (53 weeks)
                                                                                                     --------------------------------------------                        ------------------------------------------------------
Cash flows from operating activities
  Net earnings including noncontrolling interests                                                    $                     186                                           $                               199
  Income from discontinued operations, net of tax                                                         8                                      72  
                                                                                                     -------------------- ---- --------------------                      -------------------- -------------- --------------------
  Net earnings from continuing operations                                                                                  178                                                                           127
  Adjustments to reconcile Net earnings from continuing operations to
  Net cash provided by operating activities--continuing operations:
    Intangible asset impairment charge                                                                                       6                                                                --
    Asset impairment and other charges                                                                                      15                                                                             4
    Loss on debt extinguishment                                                                                             10                                                                            41
    Net gain on sale of assets and exits of surplus leases                                                                  (3 )                                                                         (14 )
    Depreciation and amortization                                                                                          276                                                                           285
    LIFO charge                                                                                                              3                                                                             8
    Deferred income taxes                                                                                                   (1 )                                                                           4
    Stock-based compensation                                                                                                26                                                                            23
    Net pension and other postretirement benefits cost                                                                      34                                                                            96
    Contributions to pension and other postretirement benefit plans                                                        (40 )                                                                        (169 )
    Other adjustments                                                                                                       26                                                                            30
    Changes in operating assets and liabilities, net of effects from
    business combinations:
      Receivables                                                                                                           22                                                                             9
      Inventories                                                                                                          (52 )                                                                        (124 )
      Accounts payable and accrued liabilities                                                                             (30 )                                                                          75
      Income taxes                                                                                                          (8 )                                                                         (15 )
      Other changes in operating assets and liabilities                                                 (41 )                                                      (47 )
                                                                                                     -------------------- ---- --------------------                      -------------------- -------------- --------------------
Net cash provided by operating activities--continuing operations                                               421                                                                           333
Net cash provided by operating activities--discontinued operations                            3                                      75  
                                                                                                     -------------------- ---- --------------------                      -------------------- -------------- --------------------
Net cash provided by operating activities                                                               424                                     408  
                                                                                                     -------------------- ---- --------------------                      -------------------- -------------- --------------------
Cash flows from investing activities
  Proceeds from sale of assets                                                                                               7                                                                             7
  Purchases of property, plant and equipment                                                                              (261 )                                                                        (239 )
  Payments for business acquisition                                                                                         (9 )                                                                         (55 )
  Other                                                                                                 (25 )                                                        2  
                                                                                                     -------------------- ---- --------------------                      -------------------- -------------- --------------------
Net cash used in investing activities                                                                  (288 )                                                     (285 )
                                                                                                     -------------------- ---- --------------------                      -------------------- -------------- --------------------
Cash flows from financing activities
  Proceeds from issuance of debt                                                                                           138                                                                           350
  Proceeds from the sale of common stock                                                                                    10                                                                             7
  Payments of debt and capital lease obligations                                                                          (321 )                                                                        (400 )
  Payments for debt financing costs                                                                                         (9 )                                                                         (42 )
  Distributions to noncontrolling interests                                                                                (10 )                                                                          (8 )
  Other                                                                                                  (1 )                                                        1  
                                                                                                     -------------------- ---- --------------------                      -------------------- -------------- --------------------
Net cash used in financing activities                                                                  (193 )                                                      (92 )
                                                                                                     -------------------- ---- --------------------                      -------------------- -------------- --------------------
Net (decrease) increase in cash and cash equivalents                                                                       (57 )                                                                          31
Cash and cash equivalents at beginning of year                                                          114                                      83  
                                                                                                     -------------------- ---- --------------------                      -------------------- -------------- --------------------
Cash and cash equivalents at end of year                                                             $                      57                        $                               114  
                                                                                                     ==================== ==== ====================                      ==================== ============== ====================
 
                                                                                                SUPPLEMENTAL CASH FLOW INFORMATION
 
The Company’s non-cash activities were as follows:
  Purchases of property, plant and equipment included in Accounts                                    $                      28                                           $                                21
  payable
  Capital lease asset additions                                                                      $                      20                                           $                                 1
Interest and income taxes paid:
  Interest paid, net of amounts capitalized                                                          $                     176                                           $                               180
  Income taxes (refunded) paid, net                                                                  $                      91                                           $                                (7 )
                                                                                                                                                                                                              

SUPERVALU INC. and Subsidiaries SUPPLEMENTAL FINANCIAL INFORMATION (Unaudited)

SUPERVALU INC.’s consolidated financial statements are prepared and presented in accordance with generally accepted accounting principles ("GAAP"). The measures and items identified below, and the adjusted Selling and administrative expenses, are provided as a supplement to our consolidated financial statements and should not be considered an alternative to any GAAP measure of performance or liquidity. The presentation of these financial measures and items is not intended to be a substitute for or be superior to any financial information prepared and presented in accordance with GAAP. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. Certain adjustments to our GAAP financial measures exclude certain items that are occasionally recurring in nature and may be reflected in our financial results for the foreseeable future. These measurements and items may be different from non-GAAP financial measures used by other companies. All measurements are provided as a reconciliation from a GAAP measurement. Management believes the measurements and items identified below are important measures of business performance that provide investors with useful supplemental information. SUPERVALU utilizes certain non-GAAP measures to analyze underlying core business trends to understand operating performance. In addition, management utilizes certain non-GAAP measures as a compensation performance measure. The items below should be reviewed in conjunction with SUPERVALU INC.’s financial results reported in accordance with GAAP, as reported in SUPERVALU’s Quarterly Reports on Form 10-Q and the Annual Report on Form 10-K for the fiscal year ended February 27, 2016.

                                                                                                                                           
                                                                                           RECONCILIATIONS OF EARNINGS FROM CONTINUING OPERATIONS TO
                                                                                             EARNINGS FROM CONTINUING OPERATIONS AFTER ADJUSTMENTS
 
Table 1
                                                                                                                                                  Fourth Quarter Ended February 27, 2016
                                                                                            ---------------------------------------------------------------------------------------------------------------------------------------------------
(In millions, except per share data)                                                                 Earnings                                             Earnings                                                     Diluted
                                                                                                    Before Tax                                            After Tax                                                 Earnings Per
                                                                                                                                                                                                                        Share
----------------------------------------------------------------------                      -------------------------                       ----------------------------------                       ----------------------------------------
Continuing operations                                                                       $                       55                      $                                49                      $                                    0.18
Adjustments:
  Store closure and impairment charges                                                                               9                                                        5                                                           0.02
  Debt refinancing costs                                                                                             6                                                        4                                                           0.01
  Unamortized financing cost charges                                                                                 4                                                        2                                                           0.01
  Costs related to the potential Save-A-Lot separation                                                               3                                                        3                                                           0.01
  Severance costs                                                                                 2                                     1                              --
                                                                                            -------------------- -----                      -------------------- --------------                      -------------------- --------------------
Continuing operations after adjustments                                                     $                       79                      $                                64                      $                                    0.23
                                                                                            ==================== =====                      ==================== ==============                      ==================== ====================
                                                                                                                                                                                                      
Table 2
                                                                                                                                                    Fiscal Year Ended February 27, 2016
                                                                                            ---------------------------------------------------------------------------------------------------------------------------------------------------
(In millions, except per share data)                                                                 Earnings                                             Earnings                                                     Diluted
                                                                                                    Before Tax                                            After Tax                                                 Earnings Per
                                                                                                                                                                                                                        Share
----------------------------------------------------------------------                      -------------------------                       ----------------------------------                       ----------------------------------------
Continuing operations                                                                       $                      263                      $                               178                      $                                    0.63
Adjustments:
  Costs related to the potential Save-A-Lot separation                                                              15                                                       12                                                           0.04
  Store closure and impairment charges                                                                              12                                                        7                                                           0.03
  Severance costs                                                                                                    8                                                        5                                                           0.02
  Intangible asset impairment charge                                                                                 6                                                        4                                                           0.01
  Debt refinancing costs                                                                                             6                                                        4                                                           0.02
  Unamortized financing cost charges                                                              4                                     2                                        0.01
                                                                                            -------------------- -----                      -------------------- --------------                      -------------------- --------------------
Continuing operations after adjustments                                                     $                      314                      $                               212                      $                                    0.76
                                                                                            ==================== =====                      ==================== ==============                      ==================== ====================
                                                                                                                                                                                                      
Table 3
                                                                                                                                                  Fourth Quarter Ended February 28, 2015
                                                                                            ---------------------------------------------------------------------------------------------------------------------------------------------------
(In millions, except per share data)                                                                 Earnings                                             Earnings                                                     Diluted
                                                                                                    Before Tax                                            After Tax                                                 Earnings Per
                                                                                                                                                                                                                        Share
----------------------------------------------------------------------                      -------------------------                       ----------------------------------                       ----------------------------------------
Continuing operations                                                                       $                       53                      $                                36                      $                                    0.13
Adjustments:
  Debt refinancing costs                                                                                            35                                                       22                                                           0.08
  Unamortized financing cost charges                                                                                 5                                                        3                                                           0.01
  Benefit plan charge                                                                                                5                                                        3                                                           0.01
  Store closure and impairment charges                                                                               3                                                        2                                                           0.01
  Pension settlement charge                                                                       1                        --                              --
                                                                                            -------------------- -----                      -------------------- --------------                      -------------------- --------------------
Continuing operations after adjustments                                                     $                      102                      $                                66                      $                                    0.24
                                                                                            ==================== =====                      ==================== ==============                      ==================== ====================
                                                                                                                                                                                                      
Table 4
                                                                                                                                                    Fiscal Year Ended February 28, 2015
                                                                                            ---------------------------------------------------------------------------------------------------------------------------------------------------
(In millions, except per share data)                                                                 Earnings                                             Earnings                                                     Diluted
                                                                                                    Before Tax                                            After Tax                                                 Earnings Per
                                                                                                                                                                                                                        Share
----------------------------------------------------------------------                      -------------------------                       ----------------------------------                       ----------------------------------------
Continuing operations                                                                       $                      185                      $                               127                      $                                    0.45
Adjustments:
  Pension settlement charge                                                                                         64                                                       36                                                           0.14
  Debt refinancing costs                                                                                            37                                                       23                                                           0.08
  Unamortized financing costs charges                                                                                6                                                        4                                                           0.02
  Benefit plan charge                                                                                                5                                                        3                                                           0.01
  Store closure and impairment charges                                                                               3                                                        2                                                           0.01
  Information technology intrusion costs, net of insurance recoverable                                               2                                                        1                                                           0.01
  Severance costs                                                                                 1                                     1                              --
                                                                                            -------------------- -----                      -------------------- --------------                      -------------------- --------------------
Continuing operations after adjustments                                                     $                      303                      $                               197                      $                                    0.72
                                                                                            ==================== =====                      ==================== ==============                      ==================== ====================
                                                                                                                                                                                                                           
                                                                                                                                                                RECONCILIATION OF OPERATING EARNINGS FROM CONSOLIDATED SEGMENT
                                                                                                                                                                 FINANCIAL INFORMATION AS REPORTED TO SUPPLEMENTALLY PROVIDED
                                                                                                                                                                                        ADJUSTED EBITDA
                                                                                                                                                                                                                 
Table 5
                                                                                                                                                     Fourth Quarter Ended                                                                                                                                          Fiscal Year Ended
                                                                                            ---------------------------------------------------------------------------------------------------------------------------------------                     ---------------------------------------------------------------------------------------------------------------------------------------
(In millions)                                                                                                     February 27,                                               February 28,                                                                  February 27,                                               February 28,
                                                                                                                      2016                                                                          2015                                                                          2016                                                                          2015
                                                                                                                   (12 weeks)                                                                    (13 weeks)                                                                    (52 weeks)                                                                    (53 weeks)
----------------------------------------------------------------------                      ------------------------------------------------------                        ------------------------------------------------------                        ------------------------------------------------------                        ------------------------------------------------------
Wholesale operating earnings, as reported                                                   $                                50                                           $                                63                                           $                               230                                           $                               243
Adjustments:
  Intangible asset impairment charge                                                                             --                                                                --                                                                             6                                                                --
  Severance costs                                                                             --                          --                          --                                       1  
                                                                                            -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Wholesale operating earnings, as adjusted                                                                                    50                                                                            63                                                                           236                                                                           244
  Wholesale depreciation and amortization                                                                                    12                                                                            12                                                                            49                                                                            48
  LIFO charge                                                                                             (1 )                                                        1                                       1                                       4  
                                                                                            -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Wholesale adjusted EBITDA(1)                                                                $                                61                        $                                76                        $                               286                        $                               296  
                                                                                            -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
                                                                                                                                                                                                                                                                                                                                       
Save-A-Lot operating earnings, as reported                                                  $                                14                                           $                                47                                           $                               129                                           $                               153
Adjustments:
  Store closure and impairment charges                                                                                        9                                                                             3                                                                            11                                                                             3
  Severance costs                                                                                          2       --                    2       --  
                                                                                            -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------
Save-A-Lot operating earnings, as adjusted                                                                                   25                                                                            50                                                                           142                                                                           156
  Save-A-Lot depreciation and amortization                                                                17                                      15                                      71                                      65  
                                                                                            -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Save-A-Lot adjusted EBITDA(1)                                                               $                                42                        $                                65                        $                               213                        $                               221  
                                                                                            -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
                                                                                                                                                                                                                                                                                                                                       
Retail operating earnings, as reported                                                      $                                30                                           $                                44                                           $                                94                                           $                               122
Adjustments:
  Store closure and impairment charges                                                        --                          --                                       1                          --  
                                                                                            -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Retail operating earnings, as adjusted                                                                                       30                                                                            44                                                                            95                                                                           122
  Retail depreciation and amortization                                                                                       35                                                                            39                                                                           153                                                                           172
  LIFO charge                                                                                                                (2 )                                                              --                                                                             2                                                                             4
  Equity in earnings of unconsolidated affiliates                                                                             2                                                                             1                                                                             5                                                                             4
  Net earnings attributable to noncontrolling interests                                                   (2 )                                                       (1 )                                                       (8 )                                                       (7 )
                                                                                            -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Retail adjusted EBITDA(1)                                                                   $                                63                        $                                83                        $                               247                        $                               295  
                                                                                            -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
                                                                                                                                                                                                                                                                                                                                       
Corporate operating earnings (loss), as reported                                            $                                 7                                           $                               (15 )                                         $                                 1                                           $                               (94 )
Adjustments:
  Costs related to the potential Save-A-Lot separation                                                                        3                                                                --                                                                            15                                                                --
  Severance costs                                                                                                --                                                                --                                                                             6                                                                --
  Pension settlement charge                                                                                      --                                                                             1                                                                --                                                                            64
  Benefit plan charge                                                                                            --                                                                             5                                                                --                                                                             5
  Information technology intrusion costs, net of insurance recoverable                        --                          --                          --                                       2  
                                                                                            -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Corporate operating earnings (loss), as adjusted                                                                             10                                                                            (9 )                                                                          22                                                                           (23 )
  Corporate depreciation and amortization                                                                  1                          --                                       3                          --  
                                                                                            -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Corporate adjusted EBITDA(1)                                                                $                                11                        $                                (9 )                                         $                                25                        $                               (23 )
----------------------------------------------------------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Total adjusted EBITDA(1)                                                                    $                               177                        $                               215                        $                               771                        $                               789  
======================================================================                      ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================
     
(1)                      The Company’s measure of adjusted EBITDA includes SUPERVALU INC.’s
                         segment operating earnings (loss), as reported, plus depreciation
                         and amortization, LIFO charge (credit), equity earnings of
                         unconsolidated affiliates and any unusual items, and less net
                         earnings attributable to noncontrolling interests.

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SOURCE: SUPERVALU INC.

SUPERVALU INC. 
Investor Contact 
Steve Bloomquist, 952-828-4144 
steve.j.bloomquist@supervalu.com 
or 
Media Contact 
Jeff Swanson, 952-903-1645 
jeffrey.s.swanson@supervalu.com


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