Nash Finch Company NEWS RELEASE

NASH FINCH REPORTS THIRD QUARTER 2005 RESULTS

     MINNEAPOLIS (November 10, 2005) — Nash Finch Company (Nasdaq: NAFC), a leading national food distributor, today announced that net earnings for the sixteen week third quarter ended October 8, 2005 were $11.0 million, or $0.83 per diluted share, as compared to net earnings of $14.6 million, or $1.15 per diluted share, for the third quarter of 2004. Third quarter results for 2004 were favorably affected by a reduction in income tax expense of $0.8 million, or $0.06 per diluted share, as a result of the resolution of various outstanding federal and state tax issues. Total sales for the third quarter of 2005 were $1.465 billion as compared to $1.191 billion in the prior-year quarter, primarily reflecting the Company’s acquisition from Roundy’s Supermarkets, Inc. of wholesale food distribution centers located in Lima, Ohio and Westville, Indiana effective March 31, 2005.

     For the first 40 weeks of 2005, the Company’s net earnings were $27.8 million, or $2.12 per diluted share, as compared to net earnings of $3.7 million, or $0.29 per diluted share, for the same period last year. Year-to-date 2004 results were adversely affected by an after-tax special charge of $22.3 million, or $1.77 per diluted share, associated primarily with the closure of 18 retail stores at the end of the second quarter, and by $2.0 million, or $0.16 per diluted share, in after-tax costs (primarily inventory markdowns) related to those closures that were recorded in operating income. Year-to-date 2004 results were favorably affected by the reduction in income tax expense discussed above. Year-to-date 2005 results included the reversal of $0.8 million of the special charge, or $0.06 per diluted share, reflecting the Company’s decision to continue operating its three Denver-area AVANZA^(R) stores and an after-tax charge for a bridge loan commitment of $0.5 million, or $0.03 per diluted share, related to potential financing for the acquisition of the Lima and Westville distribution centers.

     Total sales for the first 40 weeks of 2005 were $3.432 billion compared to $2.977 billion in

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the prior-year period.

     “We are disappointed with our results for the third quarter. Profit margins suffered as a result of inadequate execution in the management of manufacturer promotional spending in the food distribution segment and in pricing in the Company’s retail operations, and higher than expected acquisition integration costs,” said Ron Marshall, Chief Executive Officer. “We did not fully appreciate the degree to which the demands of integrating the Lima and Westville divisions would divert attention from our day to day operational execution. We had expected to be able to manage the issues that led to the decrease in gross profit margins in a manner and a timeframe that would minimize their financial impact and to begin realizing the financial benefit of synergies inherent in this acquisition sooner. We lowered our earnings forecast for the year as a result of these issues and are executing plans to address them. We believe an overall improvement in margins will occur in 2006.”

Food Distribution Results

     Food distribution segment sales for the third quarter of 2005 increased 45.1% to $886.3 million compared to $610.9 million in the third quarter 2004, and for the first 40 weeks of 2005 increased 33.1% to $1.984 billion from $1.491 billion in the comparable 2004 period. The acquisition of the distribution centers represented approximately 89% and 87% of the increase in food distribution sales during the third quarter and year-to-date periods, respectively. Excluding the impact of the acquisition, food distribution sales increased 5.1% in the third quarter and 4.3% year-to-date over the prior year.

     Food distribution segment profits increased to $29.3 million in the third quarter 2005 from $22.7 million in the year earlier quarter, and increased to $66.2 million from $54.9 million in the 40 week comparison. In both the quarterly and year-to-date comparisons, however, segment profits decreased as a percentage of sales from 3.7% in the 2004 periods to 3.3% in the 2005 periods, for the reasons discussed above.

Military Distribution Results

     Military segment sales for the third quarter of 2005 were $353.5 million compared to $338.5 million in the third quarter 2004, an increase of 4.4%. Year-to-date, military segment sales also increased 4.4%, from $847.4 million to $884.8 million. The sales growth in the quarterly and year-to-date periods was due to increases in domestic commissary customer traffic. Segment

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profits increased 7.4% in the quarterly comparison, from $10.8 million to $11.6 million, and 8.7% in the year-to-date comparison, from $27.6 million to $30.0 million, reflecting increased sales as well as productivity improvements.

Retail Results

     Corporate retail sales were $225.0 million in the third quarter of 2005 versus $241.8 million in the 2004 quarter, and $563.1 million in the first 40 weeks of 2005 versus $638.5 million in the comparable 2004 period. The decrease in retail sales is due to store closures that occurred during 2004 and 2005 and to same store sales decreases of 4.9% in the quarterly comparison and 4.5% in the year-to-date comparison.

     Retail segment 2005 third quarter profits were $7.0 million, or 3.1% of sales, compared to $10.8 million, or 4.5% of sales, in the third quarter of 2004. Retail segment 2005 year-to-date profits were $18.7 million, or 3.3% of sales, compared to $17.2 million, or 2.7% of sales, in the year earlier period. The decrease in retail profitability was primarily the result of the decrease in same store sales as well as the pricing issues described above.

     The Company’s store count at the end of the third quarter of 2005 was 80 compared to 87 at the end of the third quarter of 2004.

Outlook

     As previously announced, the Company now estimates that its diluted earnings per share for fiscal 2005 will range between $3.00 and $3.25.

     A conference call to review second quarter results is scheduled for 10 a.m. (CT) on November 10, 2005. Interested participants can listen to the conference call over the Internet by logging onto the “Investor Relations” portion of Nash Finch’s website at http://www.nashfinch.com. A replay of the webcast will be available and the transcript of the call will be archived on the “Investor Relations” portion of Nash Finch’s website under the heading “Audio Archives.” A copy of this press release and the other financial and statistical information about the periods to be discussed in the conference call will be available at the time of the call on the “Investor Relations” portion of the Nash Finch website under the caption “Press Releases.”

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     Nash Finch Company is a Fortune 500 company and one of the leading food distribution companies in the United States. Nash Finch’s core business, food distribution, serves independent retailers and military commissaries in 28 states, the District of Columbia, Europe, Cuba, Puerto Rico, Iceland, the Azores and Honduras. The Company also owns and operates a base of 80 retail stores, primarily supermarkets under the Econofoods®, Family Thrift Center® and Sun Mart® trade names. Further information is available on the Company’s website at www.nashfinch.com.

     The statements in this release that refer to plans and expectations for the rest of fiscal 2005 and other future periods are forward-looking statements based on current expectations and assumptions, and entail risks and uncertainties that could cause actual results to differ materially from those expressed in such forward-looking statements. Important factors that could cause actual results to differ materially from published plans and expectations include the following:

• the effect of competition on the Company’s distribution, military and retail businesses;

• the Company’s ability to identify and execute plans to increase or preserve the value of its remaining retail operations;

• the Company’s ability to identify and execute plans to expand its wholesale operations;

• general sensitivity to economic conditions;

• risks entailed by acquisitions, including the ability to successfully integrate acquired operations and retain the customers of those operations;

• changes in the nature of vendor promotional programs and the allocation of funds among the programs;

• credit risk from financial accommodations extended to customers;

• limitations on financial and operating flexibility due to debt levels and debt instrument covenants;

• future changes in market interest rates;

• changes in consumer spending, buying patterns or food safety concerns;

• unanticipated problems with product procurement;

• the success or failure of new business ventures and initiatives; and

• possible changes in the military commissary system.

     A more detailed discussion of these factors, as well as other factors that could affect the Company’s results, is contained in the Company’s periodic reports filed with the SEC. The Company does not undertake to update forward-looking statements to reflect future events or circumstances, but investors are advised to consult future disclosures involving these topics in its periodic reports filed with the SEC.

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Contact: LeAnne Stewart, 952-844-1060

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NASH FINCH COMPANY AND SUBSIDIARIES
Consolidated Statements of Income
(In thousands, except per share amounts)

	Sixteen				Forty
	Weeks Ended				Weeks Ended
	October 8,		October 9,		October 8,			October 9,
	2005		2004		2005			2004
Sales	$	1,464,781		1,191,187		3,432,271			2,977,034
Cost and expenses:
Cost of sales		1,332,836		1,063,911		3,105,580			2,652,446
Selling, general and administrative		91,569		84,612		230,456			229,973
Special charge		—		—		(1,296	)		36,494
Depreciation and amortization		14,357		11,615		33,345			31,571
Interest expense		7,919		8,429		18,684			21,812
Total cost and expenses		1,446,681		1,168,567		3,386,769			2,972,296
Earnings before income taxes		18,100		22,620		45,502			4,738
Income tax expense		7,059		8,022		17,746			1,048
Net earnings	$	11,041		14,598		27,756			3,690
Net earnings per share:
Basic earnings per share:	$	0.85		1.17		2.16			0.30
Diluted earnings per share:	$	0.83		1.15		2.12			0.29
Cash dividends per common share	$	0.180		0.135		0.495			0.405
Weighted average number of common shares outstanding and common equivalent shares outstanding:
Basic		13,004		12,486		12,836			12,398
Diluted		13,233		12,681		13,117			12,581

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NASH FINCH COMPANY AND SUBSIDIARIES
Consolidated Balance Sheets
(In thousands, except per share amounts)

	October 8,			January 1,			October 9,
	2005			2005			2004
	(unaudited)						(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	1,064			5,029			1,142
Accounts and notes receivable, net		200,134			157,397			159,709
Inventories		297,664			213,343			223,144
Prepaid expenses		16,110			15,524			13,858
Deferred tax assets		16,171			9,294			8,547
Total current assets		531,143			400,587			406,400
Investments in marketable securities		751			1,661			1,545
Notes receivable, net		22,353			26,554			28,953
Property, plant and equipment:
Land		19,423			21,289			22,146
Buildings and improvements		192,545			155,906			156,675
Furniture, fixtures and equipment		313,828			300,432			312,848
Leasehold improvements		69,698			71,907			71,499
Construction in progress		2,008			1,784			2,269
Assets under capitalized leases		40,171			40,171			41,060
		637,673			591,489			606,497
Less accumulated depreciation and amortization		(391,708	)		(377,820	)		(386,440	)
Net property, plant and equipment		245,965			213,669			220,057
Goodwill		244,582			147,435			147,575
Customer contracts		36,705			4,059			4,379
Investment in direct financing leases		10,173			10,876			11,093
Deferred tax asset, net		—			2,560			—
Other assets		13,532			8,227			7,403
Total assets	$	1,105,204			815,628			827,405
Liabilities and Stockholders’ Equity
Current liabilities:
Outstanding checks	$	12,390			11,344			9,062
Current maturities of long-term debt and capitalized lease obligations		4,337			5,440			5,208
Accounts payable		246,673			180,359			196,804
Accrued expenses		79,602			72,200			87,883
Income taxes payable		7,601			10,819			8,591
Total current liabilities		350,603			280,162			307,548
Long-term debt		381,617			199,243			198,719
Capitalized lease obligations		38,170			40,360			41,062
Deferred tax liability, net		3,436			—			879
Other liabilities		21,067			21,935			17,527
Commitments and contingencies		—			—			—
Stockholders’ equity:
Preferred stock — no par value Authorized 500 shares; none issued		—			—			—
Common stock of $1.66 2/3 par value. Authorized 50,000 shares, issued 13,208, 12,657 and 12,419 shares, respectively		22,014			21,096			20,699
Additional paid-in capital		46,891			34,848			32,067
Restricted stock		(109	)		(224	)		(277	)
Common stock held in trust		(1,838	)		(1,652	)		—
Deferred compensation obligations		1,838			1,652			—
Accumulated other comprehensive income		(3,325	)		(5,262	)		(4,745	)
Retained earnings		245,046			223,676			214,123
		310,517			274,134			261,867
Less cost of 11, 11 and 10 shares of common stock in treasury, respectively		(206	)		(206	)		(197	)
Total stockholders’ equity		310,311			273,928			261,670
Total liabilities and stockholders’ equity	$	1,105,204			815,628			827,405

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NASH FINCH COMPANY AND SUBSIDIARIES
Consolidated Statements of Cash Flows (Unaudited)
(In thousands)

	Forty
	Weeks Ended
	October 8,			October 9,
	2005			2004
Operating activities:
Net earnings	$	27,756			3,690
Adjustments to reconcile net income to net cash provided by operating activities:
Special charge		(1,296	)		36,494
Depreciation and amortization		33,345			31,571
Amortization of deferred financing costs		865			886
Amortization of rebatable loans		2,257			2,275
Provision for bad debts		1,149			2,645
Deferred income tax expense		(881	)		(8,300	)
Gain on sale of property, plant and equipment		(1,865	)		(3,960	)
LIFO charge		1,176			2,218
Asset impairments		4,319			—
Other		2,980			1,773
Changes in operating assets and liabilities, net of effects of acquisitions
Accounts and notes receivable		(10,035	)		(15,273	)
Inventories		(40,288	)		10,927
Prepaid expenses		(328	)		1,278
Accounts payable		28,525			30,062
Accrued expenses		3,963			(4,241	)
Income taxes payable		(3,218	)		(2,023	)
Other assets and liabilities		(1,629	)		5,293
Net cash provided by operating activities		46,795			95,315
Investing activities:
Disposal of property, plant and equipment		11,033			10,940
Additions to property, plant and equipment		(15,930	)		(14,748	)
Business acquired, net of cash		(226,351	)		—
Loans to customers		(1,570	)		(3,113	)
Payments from customers on loans		3,760			2,504
Purchase of marketable securities		(2,064	)		(2,583	)
Sale of marketable securities		2,827			1,113
Corporate owned life insurance, net		(1,498	)		—
Other		148			(55	)
Net cash used in investing activities		(229,645	)		(5,942	)
Financing activities:
Proceeds (payments) of revolving debt		38,200			(81,100	)
Dividends paid		(6,387	)		(4,985	)
Proceeds from exercise of stock options		9,521			2,888
Proceeds from employee stock purchase plan		567			654
Proceeds from long-term debt		150,087			—
Payments of long-term debt		(7,176	)		(2,220	)
Payments of capitalized lease obligations		(2,031	)		(1,937	)
Decrease in outstanding checks		1,046			(14,288	)
Payments of deferred financing costs		(4,942	)		—
Net cash provided (used) by financing activities		178,885			(100,988	)
Net decrease in cash		(3,965	)		(11,615	)
Cash at beginning of period		5,029			12,757
Cash at end of period	$	1,064			1,142

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NASH FINCH COMPANY AND SUBSIDIARIES
Supplemental Data (Unaudited)

Impact on Actual Results due to Items Discussed in Press Release (In thousands, except per share amounts)

	Sixteen Weeks Ended				Sixteen Weeks Ended
	October 8, 2005				October 9, 2004
	$		EPS		$			EPS
Net earnings from continuing operations as reported		11,041		0.83		14,598			1.15
Costs and expenses discussed in the press release
Reduction in income tax expense		—		—		(800	)		(0.06	)

	Forty Weeks Ended						Forty Weeks Ended
	October 8, 2005						October 9, 2004
	$			EPS			$			EPS
Net earnings from continuing operations as reported		27,756			2.12			3,690			0.29
Costs and expenses discussed in the press release
Special charge		(791	)		(0.06	)		22,262			1.77
Store closure costs reflected in operations		—			—			2,009			0.16
Bridge loan fee		457			0.03			—			—
Reduction in income tax expense		—			—			(800	)		(0.06	)

Other Data (In thousands)

	Sixteen			Sixteen			Forty			Forty
	Weeks Ended			Weeks Ended			Weeks Ended			Weeks Ended
	October 8,			October 9,			October 8,			October 9,
	2005			2004			2005			2004
Cash from operations	$	(17,010	)		37,217			46,795			95,315
Debt to total capitalization		58	%		48	%		58	%		48	%
Total debt	$	424,124			244,989			424,124			244,989
Capital spending	$	8,159			7,974			15,930			14,748
Capitalization	$	734,435			506,659			734,435			506,659
Stockholders’ equity	$	310,311			261,670			310,311			261,670
Working capital ratio (a)		2.25			10.91			2.25			10.91
Non-GAAP Data
Consolidated EBITDA (b)	$	40,827			39,400			98,248			92,257
Interest coverage ratio — trailing 4 qtrs. (consolidated EBITDA to interest expense) (c)		5.74			4.40			5.74			4.40
Leverage ratio — trailing 4 qtrs. (debt to consolidated EBITDA) (d)		2.81			2.00			2.81			2.00
Senior secured leverage ratio (senior secured debt to consolidated EBITDA) (e)		1.48			—			1.48			—
Comparable GAAP Data
Earnings before income taxes to interest expense (c)		2.54			0.87			2.54			0.87
Debt to earnings before income taxes (d)		6.51			15.88			6.51			15.88
Senior secured debt to earnings before income taxes (e)		3.43			—			3.43			—

Debt Covenants	Required Ratio	Actual Ratio
Interest coverage ratio	3.50 (minimum)		5.74
Senior secured leverage ratio	2.75 (maximum)		1.48
Working capital ratio	1.50 (minimum)		2.25

(a)	Working capital ratio is defined as net trade accounts receivable plus inventory divided by the sum of loans and letters of credit outstanding under our senior secured credit agreement plus certain additional secured debt.
(b)	Consolidated EBITDA, as defined in our credit agreement, is earnings before interest, income tax, depreciation and amortization, adjusted to exclude extraordinary gains or losses, gains or losses from sales of assets other than inventory in the ordinary course of business, and non-cash charges (such as LIFO, asset impairments and closed store lease costs), less cash payments made during the current period on non-cash charges recorded in prior periods. Consolidated EBITDA should not be considered an alternative measure of our net income, operating performance, cash flows or liquidity. The amount of Consolidated EBITDA is provided as additional information relevant to compliance with our debt covenants.
(c)	Interest coverage ratio is defined as the Company’s Consolidated EBITDA divided by interest expense for the four trailing quarters ending October 8, 2005 and October 9, 2004, respectively. The most comparable GAAP ratio is earnings from continuing operations before income taxes divided by interest expense for the same periods.
(d)	Leverage ratio is defined as the Company’s total debt at October 8, 2005 and October 9, 2004, divided by Consolidated EBITDA for the respective four trailing quarters. The October 8, 2005 ratio included Consolidated EBITDA calculated on a pro-forma basis giving effect to the acquisition from Roundy’s as if it had occurred at the beginning of the trailing four quarter period. The cumulative effect of these pro-forma adjustments for the four quarters ended October 8, 2005 was $16.1 million, resulting in pro-forma Consolidated EBITDA for purposes of the leverage ratios of $150.8 million. The most comparable GAAP ratio is debt at the same date divided by earnings from continuing operations before income taxes for the respective four trailing quarters, also calculated on a pro-forma basis, of $65.1 million.
(e)	Senior secured leverage ratio is defined as total senior secured debt at October 8, 2005 divided by Consolidated EBITDA for the respective four trailing quarters. The October 8, 2005 ratio included Consolidated EBITDA calculated on a pro-forma basis giving effect to the acquisition from Roundy’s as if it had occurred at the beginning of the trailing four quarter period. The cumulative effect of these pro-forma adjustments for the four quarters ending October 8, 2005 was $16.1 million, resulting in pro-forma Consolidated EBITDA for purposes of the leverage ratios of $150.8 million. The most comparable GAAP ratio is total senior secured debt at the same date divided by earnings from continuing operations before income taxes for the respective four trailing quarters, also calculated on a pro-forma basis, of $65.1 million. The senior secured leverage ratio is not presented in the 2004 periods because it was not a covenant under the credit facility at that time.

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Reconciliation of Consolidated EBITDA (in thousands)

      Consolidated EBITDA is derived from the Company’s earnings before income taxes as follows:

	2004			2005			2005			2005			Rolling
	Qtr 4			Qtr 1			Qtr 2			Qtr 3			4 Qtr
Earnings before income taxes	$	14,461			11,361			16,041			18,100			59,963
Add/(deduct)
Interest expense		5,369			4,187			6,578			7,919			24,053
Depreciation and amortization		8,670			8,374			10,614			14,357			42,015
LIFO		1,307			577			828			(229	)		2,483
Closed store lease costs		3,211			178			—			216			3,605
Asset impairments		853			458			2,089			1,772			5,172
Gains on sale of real estate		(2,173	)		—			(541	)		(556	)		(3,270	)
Subsequent cash payments on non-cash charges		(693	)		(1,375	)		(652	)		(752	)		(3,472	)
Extinguishment of debt		7,204			—			—			—			7,204
Special charges		(1,715	)		—			(1,296	)		—			(3,011	)
Total Consolidated EBITDA	$	36,494			23,760			33,661			40,827			134,742

													Rolling
	Qtr 4			Qtr 1			Qtr 2			Qtr 3			4 Qtr
Consolidated EBITDA by Segment
Food Distribution	$	20,643			17,450			23,835			32,569			94,497
Military		9,029			9,315			9,855			12,187			40,386
Retail		12,678			8,286			8,686			10,872			40,522
Unallocated Corporate Overhead		(5,856	)		(11,291	)		(8,715	)		(14,801	)		(40,663	)
	$	36,494			23,760			33,661			40,827			134,742

	2003			2004			2004			2004			Rolling
	Qtr 4			Qtr 1			Qtr 2			Qtr 3			4 Qtr
Earnings before income taxes	$	20,572			7,757			(25,639	)		22,620			25,310
Add/(deduct)
Interest expense		7,226			6,706			6,677			8,429			29,038
Depreciation and amortization		10,232			10,156			9,800			11,615			41,803
LIFO		(1,961	)		392			783			1,043			257
Closed store lease costs		187			(129	)		1,146			643			1,847
Asset impairments		591			—			—			—			591
Gains on sale of real estate		(338	)		(82	)		(14	)		(3,317	)		(3,751	)
Subsequent cash payments on non-cash charges		(598	)		(565	)		(625	)		(1,633	)		(3,421	)
Special charges		—			—			36,494			—			36,494
Curtailment of post retirement health care plan		(4,004	)		—			—			—			(4,004	)
Total Consolidated EBITDA	$	31,907			24,235			28,622			39,400			124,164

													Rolling
	Qtr 4			Qtr 1			Qtr 2			Qtr 3			4 Qtr
Consolidated EBITDA by Segment
Food Distribution	$	18,615			16,441			19,650			25,151			79,857
Military		8,992			8,579			8,988			11,340			37,899
Retail		9,851			6,743			7,414			14,515			38,523
Unallocated Corporate Overhead		(5,551	)		(7,528	)		(7,430	)		(11,606	)		(32,115	)
	$	31,907			24,235			28,622			39,400			124,164

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