-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, mlxRFEX0X/d1UTA2hUoW5S9Aqzs1cfgx6kD4PXY4QhGxgw6Xv6XCGV+sieNMPTIk M8AdaNUZpTWYlvRklmwbkQ== 0000950109-94-001197.txt : 19940719 0000950109-94-001197.hdr.sgml : 19940719 ACCESSION NUMBER: 0000950109-94-001197 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19940629 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19940714 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SUPERVALU INC CENTRAL INDEX KEY: 0000095521 STANDARD INDUSTRIAL CLASSIFICATION: 5140 IRS NUMBER: 410617000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0224 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-05418 FILM NUMBER: 94538821 BUSINESS ADDRESS: STREET 1: 11840 VALLEY VIEW RD STREET 2: NULL CITY: EDEN PRAIRIE STATE: MN ZIP: 55344 BUSINESS PHONE: 6128284000 MAIL ADDRESS: STREET 1: 11840 VALLEY VIEW ROAD CITY: EDEN PRAIRIE STATE: MN ZIP: 55344 FORMER COMPANY: FORMER CONFORMED NAME: SUPER VALU STORES INC DATE OF NAME CHANGE: 19920703 8-K 1 FORM 8-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ---------------- FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) June 29, 1994 SUPERVALU INC. ------------------------------------------------------ (Exact name of registrant as specified in its charter) Delaware 1-5418 41-0617000 - - ---------------------------- ------------ ------------------- (State or other jurisdiction (Commission (I.R.S. Employer of incorporation) File Number) Identification No.) 11840 Valley View Road Eden Prairie, Minnesota 55344 ---------------------------------------- ---------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (612) 828-4000 -------------- ------------------------------------------------------------- (Former name or former address, if changed since last report) Item 5. Other Events. - - ------ ------------ On June 29, 1994, the Registrant issued a news release with respect to its results of operations for its first quarter ended June 18, 1994. Item 7. Financial Statements and Exhibits. - - ------ --------------------------------- (c) Exhibits. The following exhibit is filed herewith: 99.1 News Release of the Registrant, dated June 29, 1994. -2- SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: July 14, 1994 SUPERVALU INC. By: /s/ ISAIAH HARRIS ------------------------------- Isaiah Harris Vice President and Controller -3- EXHIBIT INDEX 99.1 News Release of the Registrant, dated June 29, 1994. -4- EX-99.1 2 NEWS RELEASE Distribution and Retailing SUPERVALU News Release FOR RELEASE: June 29, 1994 CONTACT: Kris Sundberg 612 828-4441 SUPERVALU REPORTS FIRST QUARTER RESULTS AT COMPANY'S ANNUAL SHAREHOLDER MEETING MINNEAPOLIS -- Citing substantial progress in corporate retail performance and integration and consolidation of distribution operations, SUPERVALU INC. today at its annual stockholders meeting reported sales of $5.0 billion for its first quarter ended June 18, 1994. This represents a 2.4 percent increase over the $4.9 billion first quarter sales of one year ago. Net earnings were $51 million or $.71 per share for the quarter, even with last year's results. "These are very reasonable results, considering the first quarter consolidation and acquisition costs and other investments for our future," said Michael W. Wright, SUPERVALU chairman, president and CEO. External factors affecting company performance include food price deflation, higher Federal tax rates, and somewhat weak results form ShopKo. Food inflation for the quarter as measured by the company was negative 0.8 percent. "We should begin to show improved results in the latter half of the year," Wright added, "after the costs of integration and consolidation, customer changes and the sales impact of cigarette price cuts by manufacturers are completely cycled out from the previous fiscal year." "We continue our aggressive wholesale consolidation efforts, evidenced by the recently announced closing of the company's Northboro, MA distribution facility acquired with Sweet Life Foods in March of this year," Wright stated. The wholesale grocery volume will be transferred to the Andover, MA facility, he said. Wright added that facilities consolidation, which began last year, offers excellent potential to increase operating efficiency and buying advantage, build volume and leverage fixed expenses. -MORE- Food distribution sales were $4.5 billion, up 2.0 percent over last year. "The first quarter acquisition of Sweet Life Foods contributed to sales growth, helping to offset negative food deflation, a tough retail environment and the usual sales impact when consolidating facilities," Wright said. Food distribution operating earnings decreased 3.5 percent principally resulting from consolidations, acquisitions completed in the quarter and reduced LIFO income. Wright said that, "Although these investments to improve our buying leverage, efficiencies of scale and operating productivity have short-term costs, they are imperative to build our competitive edge for future growth." Retail food sales were $1.1 billion, up 6.9 percent over last year. "We are very pleased with our corporate retail progress. It further validates our strategy to grow the retail segment of our business," Wright said. Same-store corporate retail sales showed healthy improvement by remaining even overall, reversing a negative trend from previous quarters. Retail food operations profits more than doubled, with Cub Foods, Shop 'n Save and the Scott's divisions producing excellent results, despite increasing competition in certain markets. At quarter-end, SUPERVALU operated 295 retail food stores principally under the Cub, Save-A-Lot, Shop 'n Save, Scott's Foods, Laneco, Hornbachers, MAX CLUB and Twin Valu names. Earlier the company announced fiscal 1995 budget plans to add up to nine corporate Cub Foods stores and seven franchised stores in the current fiscal year. Save-A-Lot plans to add a total of 20 corporate-owned and 85 licensed stores this year. In addition, the Save-A-Lot division completed in May the acquisition of 30 Texas T stores located in the Dallas-Ft. Worth market. These stores are being converted to the Save-A-Lot limited-assortment format over the next several months. The acquired Texas T distribution center will also help reduce distribution costs for existing customers in the Texas, Louisiana and Arkansas markets. At the annual meeting four directors were re-elected and one new director was elected to the 12-member SUPERVALU board. Re-elected to three-year board terms were Vernon H. Heath, retired chairman of the board of Rosemount, Inc., Minneapolis; William A. Hodder, chairman, president, CEO and a director of Donaldson Company, Inc., Minneapolis; Harriet Perlmutter, businesswoman; and Winston R. Wallin, chairman of the board and a director of Medtronic, Inc., Minneapolis. Newly elected for a two-year term is R.L. (Dick) Knowlton, chairman of the board of Austin, MN-based Hormel Foods since 1984. Knowlton was also president and CEO of that company from 1984 to 1992. He serves on the boards of Northwestern National Life Insurance Co. and First Bank System and is a member of the board of trustees for the Mayo Foundation. -30- CONSOLIDATED STATEMENTS OF EARNINGS - - -------------------------------------------------------------------------------- SUPERVALU INC. and Subsidiaries - - -------------------------------------------------------------------------------- (in thousands, except per share data)
First Quarter (16 Weeks) Ended ------------------------------ June 18, 1994 June 19, 1993 - - -------------------------------------------------------------------------------- Net sales $4,991,115 $4,875,784 Costs and expenses: Cost of sales 4,552,947 4,457,422 Selling and administrative expenses 321,952 307,143 Amortization of goodwill 4,225 3,620 Interest Interest expense 38,297 38,371 Interest income 7,655 9,074 --------------------------- Interest expense, net 30,642 29,297 --------------------------- Total costs and expenses 4,909,766 4,797,482 --------------------------- Earnings before equity in earnings of ShopKo and income taxes 81,349 78,302 Equity in earnings of ShopKo 2,293 2,633 --------------------------- Earnings before income taxes 83,642 80,935 Provision for income taxes 33,029 29,851 --------------------------- Net earnings $50,613 $51,084 =========================== Net earnings per common share $.71 $.71 Weighted average number of common shares outstanding 71,633 71,583 Dividends declared per common share $0.220 $0.195 Supplemental information: After-tax LIFO income $1,709 $2,734
SUPERVALU INC. and Subsidiaries Composition of Net Sales and Earnings The following table sets forth the composition of the company's net sales and earnings. (In thousands, except percent data)
First Quarter (16 weeks) Ended -------------------------------------- Net sales June 18, 1994 June 19, 1993 - - ------------------------------------------------------------------------------- Food distribution $4,533,909 $4,446,654 90.8 % 91.2 % Retail food 1,131,111 1,057,943 22.7 % 21.7 % Sales eliminations (673,905) (628,813) (13.5)% (12.9)% Total net sales $4,991,115 $4,875,784 100.0 % 100.0 % - - ------------------------------------------------------------------------------- Earnings - - ------------------------------------------------------------------------------- Food distribution $104,493 $108,285 86.3 % 93.5 % Retail food 16,556 7,539 13.7 % 6.5 % Total operating earnings 121,049 115,824 100.0 % 100.0 % Interest income 7,655 9,074 Interest expense (38,297) (38,371) General corporate expenses (9,058) (8,225) Earnings before equity in earnings of ShopKo and income taxes 81,349 78,302 Equity in earnings of ShopKo 2,293 2,633 Provision for income taxes (33,029) (29,851) Net earnings $50,613 $51,084 =============================================================================== Pretax LIFO income $2,837 $4,467
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