e10vq

0000950123-11-090775.txt : 20111020 0000950123-11-090775.hdr.sgml : 20111020 20111019184356 ACCESSION NUMBER: 0000950123-11-090775 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 12 CONFORMED PERIOD OF REPORT: 20110910 FILED AS OF DATE: 20111020 DATE AS OF CHANGE: 20111019 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SUPERVALU INC CENTRAL INDEX KEY: 0000095521 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-GROCERY STORES [5411] IRS NUMBER: 410617000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-05418 FILM NUMBER: 111148794 BUSINESS ADDRESS: STREET 1: 11840 VALLEY VIEW RD CITY: EDEN PRAIRIE STATE: MN ZIP: 55344 BUSINESS PHONE: 9528284000 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 10-Q 1 c66266e10vq.htm FORM 10-Q e10vq

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


þ		QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period (12 weeks) ended September 10, 2011.


o		TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____ to ___.

Commission File Number: 1-5418

SUPERVALU INC.

(Exact name of registrant as specified in its charter)


DELAWARE		41-0617000
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

7075 FLYING CLOUD DRIVE
EDEN PRAIRIE, MINNESOTA		55344
(Address of principal executive offices)		(Zip Code)

(952) 828-4000
(Registrant’s telephone number, including area code)

N/A
(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes þ No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes þ No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer þ		Accelerated filer o		Non-accelerated filer o		Smaller reporting company o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes o No þ

As of October 14, 2011, there were 212,229,256 shares of the issuer’s common stock outstanding.

SUPERVALU INC. and Subsidiaries

Quarterly Report on Form 10-Q

TABLE OF CONTENTS


Item	Page
PART I — FINANCIAL INFORMATION

1. Financial Statements (Unaudited)		2

Condensed Consolidated Segment Financial Information for the second quarter and year-to-date ended September 10, 2011 and September 11, 2010		2

Condensed Consolidated Statements of Earnings for the second quarter ended September 10, 2011 and September 11, 2010		3

Condensed Consolidated Statements of Earnings for the year-to-date ended September 10, 2011 and September 11, 2010		4

Condensed Consolidated Balance Sheets as of September 10, 2011 and February 26, 2011		5

Condensed Consolidated Statements of Cash Flows for the year-to-date ended September 10, 2011 and September 11, 2010		6

Notes to Condensed Consolidated Financial Statements		7

2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		16

3. Quantitative and Qualitative Disclosures About Market Risk		22

4. Controls and Procedures		22

PART II — OTHER INFORMATION

1. Legal Proceedings		24

1A. Risk Factors		25

2. Unregistered Sales of Equity Securities and Use of Proceeds		25

3. Defaults Upon Senior Securities		25

4. (Removed and Reserved)		25

5. Other Information		25

6. Exhibits		26
EX-31.1
EX-31.2
EX-32.1
EX-32.2
EX-101 INSTANCE DOCUMENT
EX-101 SCHEMA DOCUMENT
EX-101 CALCULATION LINKBASE DOCUMENT
EX-101 LABELS LINKBASE DOCUMENT
EX-101 PRESENTATION LINKBASE DOCUMENT
EX-101 DEFINITION LINKBASE DOCUMENT

PART I — FINANCIAL INFORMATION


ITEM 1.		FINANCIAL STATEMENTS

SUPERVALU INC. and Subsidiaries

CONDENSED CONSOLIDATED SEGMENT FINANCIAL INFORMATION

(Unaudited)

(In millions, except percent data)


	Second Quarter Ended						Year-to-Date Ended
	September 10,			September 11,			September 10,			September 11,
	2011			2010			2011			2010
Net sales
Retail food	$	6,580		$	6,693		$	15,192		$	15,644
% of total		78.1	%		77.3	%		77.7	%		77.4	%
Independent business		1,849			1,963			4,350			4,557
% of total		21.9	%		22.7	%		22.3	%		22.6	%

Total net sales	$	8,429		$	8,656		$	19,542		$	20,201
		100.0	%		100.0	%		100.0	%		100.0	%

Operating earnings (loss)
Retail food (1)	$	177		$	(1,441	)	$	396		$	(1,190	)
% of sales		2.7	%		(21.5	)%		2.6	%		(7.6	)%
Independent business		56			69			133			148
% of sales		3.1	%		3.5	%		3.1	%		3.3	%
Corporate		(17	)		(25	)		(33	)		(54	)

Total operating earnings (loss)		216			(1,397	)		496			(1,096	)
% of sales		2.6	%		(16.1	)%		2.5	%		(5.4	)%
Interest expense, net		120			129			275			303

Earnings (loss) before income taxes		96			(1,526	)		221			(1,399	)
Income tax provision (benefit)		36			(56	)		87			4

Net earnings (loss)	$	60		$	(1,470	)	$	134		$	(1,403	)


(1)		Retail food operating loss for the second quarter and year-to-date ended September 11, 2010 reflects goodwill and intangible asset impairment charges of $1,600.

The Company’s business is classified by management into two reportable segments: Retail food and Independent business (formerly Supply chain services). These reportable segments are two distinct businesses, one retail and one wholesale, each with a different customer base, marketing strategy and management structure. The Retail food reportable segment is an aggregation of the Company’s retail operating segments, which are organized based on format (traditional retail food stores and hard-discount food stores). The Retail food reportable segment derives revenues from the sale of groceries at retail locations operated by the Company (both the Company’s own stores and stores licensed by the Company). The Independent business reportable segment derives revenues from wholesale distribution to independently-owned retail food stores, mass merchants and other customers (collectively referred to as “independent retail customers”). Substantially all of the Company’s operations are domestic.

See Notes to Condensed Consolidated Financial Statements.

SUPERVALU INC. and Subsidiaries

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(Unaudited)

(In millions, except percent and per share data)


	Second Quarter Ended
	September 10,		% of			September 11,			% of
	2011		Net sales			2010			Net sales
Net sales	$	8,429		100.0	%	$	8,656			100.0	%
Cost of sales		6,556		77.8			6,724			77.7

Gross profit		1,873		22.2			1,932			22.3
Selling and administrative expenses		1,657		19.7			1,729			20.0
Goodwill and intangible asset impairment charges		—		—			1,600			18.5

Operating earnings (loss)		216		2.6			(1,397	)		(16.1	)

Interest expense, net		120		1.4			129			1.5

Earnings (loss) before income taxes		96		1.1			(1,526	)		(17.6	)
Income tax provision (benefit)		36		0.4			(56	)		(0.7	)

Net earnings (loss)	$	60		0.7	%	$	(1,470	)		(17.0	)%


Net earnings (loss) per share—basic	$	0.28				$	(6.94	)
Net earnings (loss) per share—diluted	$	0.28				$	(6.94	)
Dividends declared per share	$	0.0875				$	0.1750
Weighted average number of shares outstanding:
Basic		212					212
Diluted		213					212

See Notes to Condensed Consolidated Financial Statements.

SUPERVALU INC. and Subsidiaries

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(Unaudited)

(In millions, except percent and per share data)


	Year-to-Date Ended
	September 10,		% of			September 11,			% of
	2011		Net sales			2010			Net sales
Net sales	$	19,542		100.0	%	$	20,201			100.0	%
Cost of sales		15,210		77.8			15,672			77.6

Gross profit		4,332		22.2			4,529			22.4
Selling and administrative expenses		3,836		19.6			4,025			19.9
Goodwill and intangible asset impairment charges		—		—			1,600			7.9

Operating earnings (loss)		496		2.5			(1,096	)		(5.4	)
Interest expense, net		275		1.4			303			1.5

Earnings (loss) before income taxes		221		1.1			(1,399	)		(6.9	)
Income tax provision		87		0.4			4			0.0

Net earnings (loss)	$	134		0.7	%	$	(1,403	)		(6.9	)%


Net earnings (loss) per share—basic	$	0.63				$	(6.63	)
Net earnings (loss) per share—diluted	$	0.63				$	(6.63	)
Dividends declared per share	$	0.1750				$	0.2625
Weighted average number of shares outstanding:
Basic		212					212
Diluted		213					212

See Notes to Condensed Consolidated Financial Statements.

SUPERVALU INC. and Subsidiaries

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions, except par value data)


	September 10,			February 26,
	2011			2011
	(Unaudited)
ASSETS
Current assets
Cash and cash equivalents	$	215		$	172
Receivables, net		766			743
Inventories		2,376			2,270
Other current assets		294			235

Total current assets		3,651			3,420

Property, plant and equipment, net		6,262			6,604
Goodwill		1,967			1,984
Intangible assets, net		1,145			1,170
Other assets		507			580

Total assets	$	13,532		$	13,758


LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable and accrued liabilities	$	2,739		$	2,661
Current maturities of long-term debt and capital lease obligations		413			403
Other current liabilities		725			722

Total current liabilities		3,877			3,786

Long-term debt and capital lease obligations		6,046			6,348
Other liabilities		2,111			2,284
Commitments and contingencies
Stockholders’ equity
Common stock, $1.00 par value: 400 shares authorized; 230 shares issued		230			230
Capital in excess of par value		2,859			2,855
Accumulated other comprehensive loss		(393	)		(446	)
Retained deficit		(681	)		(778	)
Treasury stock, at cost, 18 and 18 shares, respectively		(517	)		(521	)

Total stockholders’ equity		1,498			1,340

Total liabilities and stockholders’ equity	$	13,532		$	13,758

See Notes to Condensed Consolidated Financial Statements.

SUPERVALU INC. and Subsidiaries

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In millions)


	Year-to-Date Ended
	September 10,			September 11,
	2011			2010
Cash flows from operating activities
Net earnings (loss)	$	134		$	(1,403	)
Adjustments to reconcile net earnings to net cash provided by operating activities:
Goodwill and intangible asset impairment charges		—			1,600
Depreciation and amortization		478			502
LIFO charge		36			12
Asset impairment and other charges		9			23
Gain on sale of assets		(12	)		(6	)
Deferred income taxes		70			(35	)
Stock-based compensation		8			9
Other		11			18
Changes in operating assets and liabilities		(154	)		34

Net cash provided by operating activities		580			754

Cash flows from investing activities
Proceeds from sale of assets		63			86
Purchases of property, plant and equipment		(267	)		(312	)
Other		1			15

Net cash used in investing activities		(203	)		(211	)

Cash flows from financing activities
Proceeds from issuance of long-term debt		291			66
Payment of long-term debt and capital lease obligations		(580	)		(573	)
Dividends paid		(37	)		(37	)
Other		(8	)		(7	)

Net cash used in financing activities		(334	)		(551	)

Net increase (decrease) in cash and cash equivalents		43			(8	)
Cash and cash equivalents at beginning of year		172			211

Cash and cash equivalents at the end of period	$	215		$	203

See Notes to Condensed Consolidated Financial Statements.

SUPERVALU INC. and Subsidiaries

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(Dollars and shares in millions, except per share data)

NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Statement of Registrant

The accompanying condensed consolidated financial statements of the Company for the second quarter and year-to-date ended September 10, 2011 and September 11, 2010 are unaudited and, in the opinion of management, contain all adjustments that are of a normal and recurring nature necessary to present fairly the financial condition and results of operations for such periods. The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes in the Company’s Annual Report on Form 10-K for the fiscal year ended February 26, 2011. The results of operations for the second quarter and year-to-date ended September 10, 2011 are not necessarily indicative of the results expected for the full year. The Condensed Consolidated Balance Sheet as of February 26, 2011 has been derived from the audited Consolidated Balance Sheet as of that date.

Accounting Policies

The summary of significant accounting policies is included in the Notes to Consolidated Financial Statements set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended February 26, 2011.

Fiscal Year

The Company’s fiscal year ends on the last Saturday in February. The Company’s first quarter consists of 16 weeks, while the second, third and fourth quarters each consist of 12 weeks. Because of differences in the accounting calendars of the Company and its wholly-owned subsidiary, New Albertson’s, Inc., the accompanying September 10, 2011 and February 26, 2011 Condensed Consolidated Balance Sheets include the assets and liabilities related to New Albertson’s, Inc. as of September 8, 2011 and February 24, 2011, respectively.

Use of Estimates

The preparation of the Company’s condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Cash and Cash Equivalents

The Company considers all highly liquid investments with a maturity of three months or less at the time of purchase to be cash equivalents. The Company’s banking arrangements allow the Company to fund outstanding checks when presented to the financial institution for payment, resulting in book overdrafts. Book overdrafts are recorded in Accounts payable and accrued liabilities in the Condensed Consolidated Balance Sheets and are reflected as an operating activity in the Condensed Consolidated Statements of Cash Flows. As of September 10, 2011 and February 26, 2011, the Company had net book overdrafts of $309 and $360, respectively.

Net Earnings (Loss) Per Share

Basic net earnings (loss) per share is calculated using net earnings (loss) available to common stockholders divided by the weighted average number of shares outstanding during the period. Diluted net earnings (loss) per share is similar to basic net earnings (loss) per share except that the weighted average number of shares outstanding is after giving effect to the dilutive impacts of stock options, restricted stock awards and other dilutive securities. In addition, for the calculation of diluted net earnings (loss) per share, net earnings (loss) is adjusted to eliminate the after-tax interest expense recognized during the period related to contingently convertible debentures. As a result of the net loss for the second quarter and year-to-date ended September 11, 2010, all potentially dilutive shares were antidilutive and therefore excluded from the calculation of diluted net loss per share.

The following table reflects the calculation of basic and diluted net earnings (loss) per share:


	Second Quarter Ended					Year-to-Date Ended
	September 10,		September 11,			September 10,		September 11,
	2011		2010			2011		2010
Net earnings (loss) per share—basic
Net earnings (loss) available to common stockholders	$	60	$	(1,470	)	$	134	$	(1,403	)
Weighted average shares outstanding—basic		212		212			212		212
Net earnings (loss) per share—basic	$	0.28	$	(6.94	)	$	0.63	$	(6.63	)

Net earnings (loss) per share—diluted
Net earnings (loss) available to common stockholders	$	60	$	(1,470	)	$	134	$	(1,403	)
Weighted average shares outstanding—basic		212		212			212		212
Dilutive impact of options and restricted stock outstanding		1		—			1		—

Weighted average shares outstanding—diluted		213		212			213		212
Net earnings (loss) per share—diluted	$	0.28	$	(6.94	)	$	0.63	$	(6.63	)

Options of 20 and 21 shares were outstanding during the second quarter and year-to-date ended September 10, 2011, respectively, but were excluded from the calculation of diluted net earnings per share because they were antidilutive. Options and restricted stock of 24 and 23 shares were outstanding during the second quarter and year-to-date ended September 11, 2010, respectively, but were excluded from the calculation of diluted net loss per share as the effect of their inclusion would be antidilutive when applied to a net loss.

Comprehensive Income (Loss)

Comprehensive income (loss) consisted of the following:


	Second Quarter Ended					Year-to-Date Ended
	September 10,		September 11,			September 10,		September 11,
	2011		2010			2011		2010
Net earnings (loss)	$	60	$	(1,470	)	$	134	$	(1,403	)
Pension and other postretirement activity, net of tax		36		9			53		20

Comprehensive income (loss)	$	96	$	(1,461	)	$	187	$	(1,383	)

New Accounting Standards

In September 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2011-09, Compensation — Retirement Benefits — Multiemployer Plans (Subtopic 715-80) (“ASU 2011-09”). ASU 2011-09 provides guidance on disclosure requirements for employers participating in multiemployer pension and other postretirement benefit plans (multiemployer plans) to improve transparency and increase awareness of the commitments and risks involved with participation in multiemployer plans. The new guidance requires employers participating in multiemployer plans to provide additional quantitative and qualitative disclosures to provide users with more detailed information regarding an employer’s involvement in multiemployer plans. The new guidance will be effective for the Company’s fiscal year ending February 25, 2012 and will result in enhanced disclosures, but will not otherwise have an impact on the Company’s consolidated financial statements.

NOTE 2 — GOODWILL AND INTANGIBLE ASSETS

Changes in the Company’s Goodwill and Intangible assets consisted of the following:


	February 26,							Other net			September 10,
	2011			Additions		Impairments		adjustments			2011
Goodwill:
Retail food goodwill	$	6,116		$	—	$	—	$	(17	)	$	6,099
Accumulated impairment losses		(4,842	)		—		—		—			(4,842	)

Total Retail food goodwill, net		1,274			—		—		(17	)		1,257
Independent business goodwill		710			—		—		—			710

Total goodwill	$	1,984		$	—	$	—	$	(17	)	$	1,967


	February 26,			Additions/					Other net			September 10,
	2011			Amortization			Impairments		adjustments			2011
Intangible assets:
Trademarks and tradenames — indefinite useful lives	$	780		$	—		$	—	$	—		$	780
Favorable operating leases, customer lists, customer relationships and other (accumulated amortization of $307 and $280 as of September 10, 2011 and February 26, 2011, respectively)		663			7			—		(5	)		665
Non-compete agreements (accumulated amortization of $4 and $4 as of September 10, 2011 and February 26, 2011, respectively)		11			1			—		—			12

Total intangible assets		1,454			8			—		(5	)		1,457
Accumulated amortization		(284	)		(31	)				3			(312	)

Total intangible assets, net	$	1,170										$	1,145

Amortization expense of intangible assets with definite useful lives was $31 for the year-to-date ended September 10, 2011 and September 11, 2010. Average future amortization expense will be approximately $35 per fiscal year for each of the next five fiscal years.

On September 7, 2011, the Company announced it had reached an agreement to sell 107 retail fuel centers which are part of the Retail food segment. As a result of this agreement, during the second quarter the Company reclassified $17 of Goodwill and $76 of Property, plant and equipment and other assets to assets held for sale. Assets held for sale is a component of Other current assets in the Condensed Consolidated Balance Sheets.

NOTE 3 — RESERVES FOR CLOSED PROPERTIES

The Company maintains reserves for costs associated with closures of retail stores, distribution centers and other properties that are no longer being utilized in current operations. The Company provides for closed property operating lease liabilities using a discount rate to calculate the present value of the remaining noncancellable lease payments after the closing date, reduced by estimated subtenant rentals that could be reasonably obtained for the property. Adjustments to closed property reserves primarily relate to changes in subtenant income or actual exit costs differing from original estimates.

Changes in the Company’s reserves for closed properties consisted of the following:


	September 10,
	2011
Reserves for closed properties at beginning of fiscal year	$	178
Additions		3
Payments		(29	)
Adjustments		9

Reserves for closed properties at end of period	$	161

NOTE 4—FAIR VALUE MEASUREMENTS

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities recorded at fair value are categorized using defined hierarchical levels directly related to the amount of subjectivity associated with the inputs to fair value measurements, as follows:

	Level 1 —		Quoted prices in active markets for identical assets or liabilities;

	Level 2 —		Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable;

	Level 3 —		Unobservable inputs in which little or no market activity exists, requiring an entity to develop its own assumptions that market participants would use to value the asset or liability.

During the second quarter and year-to-date ended September 10, 2011, the Company recorded $3 and $4, respectively, of property, plant and equipment-related impairment charges, which were measured at fair value using Level 3 inputs. Property, plant and equipment-related impairment charges are a component of Selling and administrative expenses in the Condensed Consolidated Statements of Earnings.

Financial Instruments

For certain of the Company’s financial instruments, including cash and cash equivalents, receivables and accounts payable, the fair values approximate book values due to their short maturities.

The estimated fair value of notes receivable was greater than the book value by approximately $1 and $3 as of September 10, 2011 and February 26, 2011, respectively. Notes receivable are valued based on a discounted cash flow approach applying a market rate for similar instruments.

The estimated fair value of the Company’s long-term debt (including current maturities) was less than the book value by approximately $223 and $189 as of September 10, 2011 and February 26, 2011, respectively. The estimated fair value was based on market quotes, where available, or market values for similar instruments.

NOTE 5 — LONG-TERM DEBT

The Company’s long-term debt and capital lease obligations consisted of the following:


	September 10,			February 26,
	2011			2011
1.60% to 4.50% Revolving Credit Facility and Variable Rate Notes due June 2012 — April 2018	$	1,279		$	1,382
8.00% Notes due May 2016		1,000			1,000
7.45% Debentures due August 2029		650			650
7.50% Notes due November 2014		490			490
6.34% to 7.15% Medium Term Notes due July 2012 — June 2028		440			440
8.00% Debentures due May 2031		400			400
7.50% Notes due May 2012		282			300
8.00% Debentures due June 2026		272			272
8.70% Debentures due May 2030		225			225
7.75% Debentures due June 2026		200			200
7.25% Notes due May 2013		159			200
7.90% Debentures due May 2017		96			96
Accounts Receivable Securitization Facility		—			90
Other		90			102
Net discount on debt, using an effective interest rate of 6.28% to 8.97%		(243	)		(250	)
Capital lease obligations		1,119			1,154

Total debt and capital lease obligations		6,459			6,751
Less current maturities of long-term debt and capital lease obligations		(413	)		(403	)

Long-term debt and capital lease obligations	$	6,046		$	6,348

Certain of the Company’s credit facilities and long-term debt agreements have restrictive covenants and cross-default provisions which generally provide, subject to the Company’s right to cure, for the acceleration of payments due in the event of a breach of a covenant or a default in the payment of a specified amount of indebtedness due under certain other debt agreements. The Company was in compliance with all such covenants and provisions for all periods presented.

In June 2006, the Company entered into senior secured credit facilities provided by a group of lenders consisting of a five-year revolving credit facility (the “Revolving Credit Facility”), a five-year term loan (“Term Loan A”) and a six-year term loan (“Term Loan B”). On April 5, 2010, the Company entered into an Amended and Restated Credit Agreement (the “Credit Agreement”), which provided for an extension of the maturity of portions of the senior secured credit facilities provided under the original credit agreement. Specifically, $1,500 of the Revolving Credit Facility was extended until April 5, 2015 and $500 of Term Loan B (“Term Loan B-2”) was extended until October 5, 2015. The remainder of Term Loan B (“Term Loan B-1”) matures on June 2, 2012. On June 2, 2011, the $600 unextended Revolving Credit Facility expired and Term Loan A matured and was paid.

On April 29, 2011, the Company entered into the First Amendment to the Credit Agreement (the “Amended Credit Agreement”) which provided for Term Loan B-1 lenders to extend all or a portion of their advances into either Term Loan B-2 or a new seven-year term loan (“Term Loan B-3”) and also allowed new lenders to participate in Term Loan B-3. Through the amendment, $86 of Term Loan B-1 was extended into Term Loan B-2 and $161 of Term Loan B-1 was extended into Term Loan B-3. In addition, Term Loan B-3 received $291 of new advances which were used to reduce short-term borrowings and to retire Term Loan A at its maturity. Term Loan B-3 matures on April 29, 2018.

The fees and rates in effect on outstanding borrowings under the senior secured credit facilities are based on the Company’s current credit ratings. As of September 10, 2011, there were no outstanding borrowings under the Revolving Credit Facility. Term Loan B-1 had a remaining principal balance of $249 at LIBOR plus 1.375 percent, of which $2 was classified as current. Term Loan B-2 had a remaining principal balance of $580 at LIBOR plus 3.25 percent, of which $6 was classified as current. Term Loan B-3 had a remaining principal balance of $450 at LIBOR plus 3.50 percent with a 1.00 percent LIBOR floor, of which $5 was classified as current. Letters of credit outstanding under the Revolving Credit Facility were $311 at fees up to 2.75 percent and the unused available credit under the Revolving Credit Facility was $1,189. The Company also had $2 of outstanding letters of credit issued under separate agreements with financial institutions. These letters of credit primarily support workers’ compensation, merchandise import programs and payment obligations. Facility fees under the Revolving Credit Facility are 0.625 percent. Borrowings under the term loans may be paid, in full or in part, at any time without penalty.

through December 30, 2011, 2.25 to 1.0 from December 31, 2011 through December 30, 2012 and 2.3 to 1.0 thereafter. The Company’s fixed charge coverage ratio was 2.59 to 1.0 at September 10, 2011.

In May 2010, the Company amended and extended its accounts receivable securitization program until May 2013. The Company can borrow up to $200 on a revolving basis, with borrowings secured by eligible accounts receivable, which remain under the Company’s control. As of September 10, 2011, there were no outstanding borrowings under this facility. The facility fee currently in effect, based on the Company’s current credit ratings, is 1.00 percent. As of September 10, 2011, there was $285 of accounts receivable pledged as collateral, classified in Receivables in the Condensed Consolidated Balance Sheet.

As of September 10, 2011, the Company had $247 of debt with current maturities that are classified in Long-term debt in the Condensed Consolidated Balance Sheets due to the Company’s intent to refinance such obligations with the Revolving Credit Facility or other long-term debt.

NOTE 6 — INCOME TAXES

During the year-to-date ended September 10, 2011 there were no material changes to the unrecognized tax benefits disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended February 26, 2011. The Company does not anticipate that its total unrecognized tax benefits will change significantly in the next 12 months. The tax rate for the year-to-date ended September 10, 2011 reflects approximately $4 of expense related to prior years’ audit activity.

NOTE 7 — STOCK-BASED AWARDS

The Company recognized pre-tax stock-based compensation expense (included primarily in Selling and administrative expenses in the Condensed Consolidated Statements of Earnings) related to stock-based awards of $4 and $8 for the second quarter and year-to-date ended September 10, 2011, respectively, compared with $4 and $9 for the second quarter and year-to-date ended September 11, 2010, respectively.

In April 2011 the Company granted performance awards to employees under the SUPERVALU INC. 2007 Stock Plan as part of the Company’s long-term incentive program (“LTIP”). Payout of the award, if at all, will be based on the highest payout under the terms of the grant based on the increase in market capitalization over the service period, or the achievement of financial goals for the three-year period ending February 22, 2014. Awards will be settled equally in cash and the Company’s stock.

To calculate the fair value under the performance grant, the Company uses the Monte Carlo method. The assumptions related to the valuation of the Company’s LTIP consisted of the following:


	September 10,
	2011
Dividend yield		4.2	%
Volatility rate		47.4 — 51.6	%
Risk-free interest rate		0.3 — 1.2	%
Expected life	2.7 — 3.1 years

The grant date fair value of the award made during the first quarter ended June 18, 2011 was $2.40 per share. The cash portion of the award is classified as a liability and is remeasured at fair value each reporting period. As of the end of the second quarter ended September 10, 2011 the fair value of the cash portion of the award was $1.07 per share. The minimum payout value of cash and stock is $0 and the aggregate maximum amount the Company could be required to payout is $177.

The Company did not grant any shares under stock options during the year-to-date ended September 10, 2011. The Company granted 3 shares under stock options during the year-to-date ended September 11, 2010. To calculate the fair value of stock options, the Company uses the Black-Scholes option pricing model. The significant weighted average assumptions relating to the valuation of the Company’s stock options consisted of the following:


	September 11,
	2010
Dividend yield		2.0	%
Volatility rate		42.8 — 45.1	%
Risk-free interest rate		1.1 — 1.6	%
Expected option life	4.0 — 5.4 years

The weighted average grant date fair value of the stock options granted during the year-to-date ended September 11, 2010 was $4.01 per share.

NOTE 8 — TREASURY STOCK PURCHASE PROGRAM

On June 24, 2010, the Board of Directors of the Company adopted and announced an annual share purchase program authorizing the Company to purchase up to $70 of the Company’s common stock with stock purchases to be made primarily from the cash generated from the settlement of stock options. This annual authorization program replaced the previously existing share purchase program and expired June 30, 2011. The Company did not purchase any shares during the second quarter or year-to-date ended September 10, 2011 under the share purchase program. The Company did not purchase any shares during the second quarter ended September 11, 2010. Prior to the expiration of the annual share purchase program, during the year-to-date ended September 11, 2010, the Company purchased 0.2 shares under a previously existing share purchase program at an average cost of $12.97 per share.

NOTE 9 — BENEFIT PLANS

Substantially all employees of the Company are covered by various contributory and non-contributory pension, profit sharing or 401(k) plans. Union employees participate in multi-employer retirement plans under collective bargaining agreements, unless the collective bargaining agreement provides for participation in plans sponsored by the Company. In addition to sponsoring both defined benefit and defined contribution pension plans, the Company provides healthcare and life insurance benefits for eligible retired employees under postretirement benefit plans and short-term and long-term disability benefits to former and inactive employees prior to retirement under post-employment benefit plans. The terms of the postretirement benefit plans vary based on employment history, age and date of retirement. For most retirees, the Company provides a fixed dollar contribution and retirees pay contributions to fund the remaining cost.

Effective August 23, 2011, the Company amended the SUPERVALU Retiree Benefit Plan to modify benefits provided by the plan. The result of this amendment was a reduction in the other postretirement benefit obligation of $39 with a corresponding decrease to other comprehensive loss, net of tax.

Net periodic benefit expense for defined benefit pension plans and other postretirement benefit plans consisted of the following:


	Second Quarter Ended
	Pension Benefits						Other Postretirement Benefits
	September 10,			September 11,			September 10,			September 11,
	2011			2010			2011			2010
Service cost	$	2		$	2		$	—		$	—
Interest cost		32			32			2			2
Expected return on assets		(29	)		(28	)		—			—
Amortization of prior service benefit		—			—			(1	)		(1	)
Amortization of net actuarial loss		21			14			1			—

Net periodic benefit expense	$	26		$	20		$	2		$	1


	Year-to-Date Ended
	Pension Benefits						Other Postretirement Benefits
	September 10,			September 11,			September 10,			September 11,
	2011			2010			2011			2010
Service cost	$	5		$	4		$	1		$	1
Interest cost		74			74			4			4
Expected return on assets		(67	)		(66	)		—			—
Amortization of prior service benefit		—			—			(3	)		(3	)
Amortization of net actuarial loss		50			35			2			1

Net periodic benefit expense	$	62		$	47		$	4		$	3

During the year-to-date ended September 10, 2011, the Company made contributions of $45 to its pension plans and $1 to its other postretirement benefit plans.

Multi-Employer Plans

Company contributions to these plans could increase in the near term. However, the amount of any increase or decrease in contributions will depend on a variety of factors, including the results of the Company’s collective bargaining efforts, investment returns on the assets held in the plans, actions taken by the trustees who manage the plans and requirements under the Pension Protection Act and Section 412(e) of the Internal Revenue Code. Furthermore, if the Company was to significantly reduce contributions, exit certain markets or otherwise cease making contributions to these plans, it could trigger a partial or complete withdrawal that would require the Company to recognize its proportionate share of a plan’s unfunded vested benefits. During the year-to-date ended September 10, 2011 and September 11, 2010, the Company contributed $71 and $73 to these plans, respectively.

The Company also makes contributions to multi-employer health and welfare plans in amounts set forth in the related collective bargaining agreements. A small minority of collective bargaining agreements contain reserve requirements that may trigger unanticipated contributions resulting in increased healthcare expenses. If these healthcare provisions cannot be renegotiated in a manner that reduces the prospective healthcare cost as the Company intends, the Company’s Selling and administrative expenses could increase in the future.

NOTE 10 — COMMITMENTS, CONTINGENCIES AND OFF-BALANCE SHEET ARRANGEMENTS

Guarantees

The Company has guaranteed certain leases, fixture financing loans and other debt obligations of various retailers as of September 10, 2011. These guarantees were generally made to support the business growth of independent retail customers. The guarantees are generally for the entire terms of the leases or other debt obligations with remaining terms that range from less than one year to 18 years, with a weighted average remaining term of approximately eight years. For each guarantee issued, if the independent retail customer defaults on a payment, the Company would be required to make payments under its guarantee. Generally, the guarantees are secured by indemnification agreements or personal guarantees of the independent retail customer. The Company reviews performance risk related to its guarantees of independent retail customers based on internal measures of credit performance. As of September 10, 2011, the maximum amount of undiscounted payments the Company would be required to make in the event of default of all of these guarantees was $111 and represented $82 on a discounted basis. Based on the indemnification agreements, personal guarantees and results of the reviews of performance risk, the Company believes the likelihood that it will be required to assume a material amount of these obligations is remote. Accordingly, no amount has been recorded in the Condensed Consolidated Balance Sheets for these contingent obligations under the Company’s guarantee arrangements.

The Company is contingently liable for leases that have been assigned to various third parties in connection with facility closings and dispositions. The Company could be required to satisfy the obligations under the leases if any of the assignees are unable to fulfill their lease obligations. Due to the wide distribution of the Company’s assignments among third parties, and various other remedies available, the Company believes the likelihood that it will be required to assume a material amount of these obligations is remote.

In the ordinary course of business, the Company enters into supply contracts to purchase products for resale. These contracts typically include volume commitments or fixed expiration dates, termination provisions and other standard contractual considerations. As of September 10, 2011, the Company had $769 of non-cancelable future purchase obligations primarily related to supply contracts.

The Company is a party to a variety of contractual agreements under which the Company may be obligated to indemnify the other party for certain matters, which indemnities may be secured by operation of law or otherwise, in the ordinary course of business. These contracts primarily relate to the Company’s commercial contracts, operating leases and other real estate contracts, financial agreements, agreements to provide services to the Company and agreements to indemnify officers, directors and employees in the performance of their work. While the Company’s aggregate indemnification obligation could result in a material liability, the Company is not aware of any matters that are expected to result in a material liability.

Legal Proceedings

The Company is subject to various lawsuits, claims and other legal matters that arise in the ordinary course of conducting business, none of which, in management’s opinion, is expected to have a material adverse effect on the Company’s financial condition, results of operations or cash flows.

As previously disclosed in the Company’s Quarterly Report on Form 10-Q for the period ended June 18, 2011, in September 2008, a class action complaint was filed against the Company, as well as International Outsourcing Services, LLC (“IOS”), Inmar, Inc., Carolina Manufacturer’s Services, Inc., Carolina Coupon Clearing, Inc. and Carolina Services, in the United States District Court in the Eastern District of Wisconsin. The plaintiffs in the case are a consumer goods manufacturer, a grocery co-operative and a retailer marketing services company who allege on behalf of a purported class that the Company and the other defendants (i) conspired to restrict the markets for coupon processing services under the Sherman Act and (ii) were part of an illegal enterprise to defraud the plaintiffs under the Federal Racketeer Influenced and Corrupt Organizations Act. The plaintiffs seek monetary damages, attorneys’ fees and injunctive relief. The Company intends to vigorously defend this lawsuit, however all proceedings have been stayed in the case pending the result of the criminal prosecution of certain former officers of IOS. Although this lawsuit is subject to the

uncertainties inherent in the litigation process, based on the information presently available to the Company, management does not expect that the ultimate resolution of this lawsuit will have a material adverse effect on the Company’s financial condition, results of operations or cash flows.

As previously disclosed in the Company’s Quarterly Report on Form 10-Q for the period ended June 18, 2011, in December 2008, a class action complaint was filed in the United States District Court for the Western District of Wisconsin against the Company alleging that a 2003 transaction between the Company and C&S Wholesale Grocers, Inc. (“C&S”) was a conspiracy to restrain trade and allocate markets. In the 2003 transaction, the Company purchased certain assets of the Fleming Corporation as part of Fleming Corporation’s bankruptcy proceedings and sold certain assets of the Company to C&S which were located in New England. Since December 2008, three other retailers have filed similar complaints in other jurisdictions. The cases have been consolidated and are proceeding in the United States District Court for the District of Minnesota. The complaints allege that the conspiracy was concealed and continued through the use of non-compete and non-solicitation agreements and the closing down of the distribution facilities that the Company and C&S purchased from each other. Plaintiffs are seeking monetary damages, injunctive relief and attorneys’ fees. The Company is vigorously defending these lawsuits. Separately from these civil lawsuits, on September 14, 2009, the United States Federal Trade Commission (“FTC”) issued a subpoena to the Company requesting documents related to the C&S transaction as part of the FTC’s investigation into whether the Company and C&S engaged in unfair methods of competition. The Company cooperated with the FTC. On March 18, 2011, the FTC notified the Company that it had determined that no additional action was warranted by the FTC and that it had closed its investigation.

As previously disclosed in the Company’s Quarterly Report on Form 10-Q for the period ended June 18, 2011, on January 7, 2010, the Company received a subpoena from the Office of Inspector General for the Department of Health and Human Services’ Milwaukee Field Office in connection with an investigation of possible false or otherwise improper claims for payment under the Medicaid program. The subpoena requests retail pharmacy claims data for “dual eligible” customers (i.e., customers with both Medicaid and private insurance coverage), information concerning the Company’s retail pharmacy claims processing systems, copies of pharmacy payor contracts and other documents and records. On February 11, 2011, a complaint was filed by the United States Government and the States of California and Minnesota to intervene in a previously sealed qui tam lawsuit in the United States District Court for the Western District of Wisconsin. The complaint alleges that the Company improperly billed Medicaid claims with dual eligibility by charging Medicaid more than the co-pay allowed by the primary payer in seven states. Although this lawsuit is subject to the uncertainties inherent in the litigation process, based on the information presently available to the Company, management does not expect that the ultimate resolution of this lawsuit will have a material adverse effect on the Company’s financial condition, results of operations or cash flows.

The Company is also involved in routine legal proceedings incidental to its operations. Some of these routine proceedings involve class allegations, many of which are ultimately dismissed. Management does not expect that the ultimate resolution of these legal proceedings will have a material adverse effect on the Company’s financial condition, results of operations or cash flows.

The statements above reflect management’s current expectations based on the information presently available to the Company, however, predicting the outcomes of claims and litigation and estimating related costs and exposures involves substantial uncertainties that could cause actual outcomes, costs and exposures to vary materially from current expectations. In addition, the Company regularly monitors its exposure to the loss contingencies associated with these matters and may from time to time change its predictions with respect to outcomes and its estimates with respect to related costs and exposures and believes recorded reserves are adequate. It is possible, although management believes it is remote, that material differences in actual outcomes, costs and exposures relative to current predictions and estimates, or material changes in such predictions or estimates, could have a material adverse effect on the Company’s financial condition, results of operations or cash flows.

NOTE 11 — SEGMENT INFORMATION

Refer to the Condensed Consolidated Segment Financial Information for the Company’s segment information.

NOTE 12 — SUBSEQUENT EVENTS

On October 18, 2011, the Company announced a regular quarterly dividend of $0.0875 per share. The dividend is payable on December 15, 2011 to stockholders of record as of the close of business on December 1, 2011.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(Dollars and shares in millions, except per share data)

RESULTS OF OPERATIONS

For the second quarter of fiscal 2012, Net sales were $8,429 and Net earnings were $60, or $0.28 per basic and diluted share. For the second quarter of fiscal 2011, Net sales were $8,656 and Net loss was $1,470, or $6.94 per basic and diluted share. Results for the second quarter of fiscal 2011 include charges of $1,620 before tax ($1,529 after tax, or $7.22 per diluted share) comprised of the preliminary estimate of non-cash goodwill and intangible asset impairment charges of $1,600 before tax ($1,516 after tax, or $7.16 per diluted share), and certain other costs of $20 before tax ($13 after tax, or $0.06 per diluted share) primarily related to the impact of a labor dispute and employee-related costs.

The challenging economic environment in fiscal 2012 has negatively impacted consumer confidence. As a result, consumer spending is pressured and consumers are seeking greater value offerings. These trends are expected to continue in fiscal 2012.

The Company is focused on its business transformation initiatives to enhance business performance by placing greater focus on the customer, matching offerings to the neighborhoods served, delivering high quality fresh produce, making the in-store shopping experience hassle-free and providing competitive everyday value. The Company is combining these customer initiatives with reducing its overall cost structure through the use of improved business tools and further leveraging of its size. In addition, the Company continues to provide capital spending to fund new hard-discount stores and retail store remodeling activity.

SECOND QUARTER RESULTS

Net Sales

Net sales for the second quarter of fiscal 2012 were $8,429 compared with $8,656 last year. Retail food sales were 78.1 percent of Net sales and Independent business sales were 21.9 percent of Net sales for the second quarter of fiscal 2012, compared with 77.3 percent and 22.7 percent, respectively, last year.

Retail food net sales for the second quarter of fiscal 2012 were $6,580 compared with $6,693 last year, a decrease of 1.7 percent. The decrease primarily reflects the change in retail sales of identical stores (defined as stores operating for four full quarters, including store expansions and excluding fuel and planned store closures) of negative 1.8 percent and the impact of market exits and store closures offset in part by new hard-discount stores and higher fuel sales. The decline in identical store retail sales resulted from a decrease in traffic partially offset by an increase in average ticket.

During the second quarter of fiscal 2012 the Company added 18 new hard-discount food stores and one new traditional retail food store through new store development and sold or closed seven hard-discount food stores and two traditional retail food stores.

Total retail square footage at the end of the second quarter of fiscal 2012 was 64 million, a decrease of 2.1 percent from the second quarter of fiscal 2011. Total retail square footage, excluding previously planned retail market exits and other store closures, increased 1.8 percent over the second quarter of fiscal 2011.

Independent business net sales for the second quarter of fiscal 2012 were $1,849 compared with $1,963 last year. The decrease primarily reflects the completion of a national retail customer’s previously announced plans to transition certain volume to self-distribution and lost sales associated with the divestiture of Total Logistic Control in the fourth quarter of fiscal 2011.

Gross Profit

Gross profit, as a percent of Net sales, was 22.2 percent for the second quarter of fiscal 2012 compared with 22.3 percent last year. The decrease reflects the impact of a higher LIFO charge and higher fuel sales. Fuel sales have increased in dollars and as a proportion of overall sales, however, fuel gross profit dollars remain relatively flat when compared to the same period last year. In addition, the benefits of improved promotional activities and reduced shrink more than fully funded price reductions.

Selling and Administrative Expenses

Selling and administrative expenses, as a percent of Net sales, were 19.7 percent for the second quarter of fiscal 2012, compared with 20.0 percent last year. The decrease primarily reflects the pressure from sales deleveraging within the Company’s traditional retail stores and increases in employee-related expenses which were more than offset by improvements achieved from cost reduction initiatives including store closures, reduced administrative expenses and lower workers’ compensation insurance costs as well as the benefit of higher fuel sales. Workers’ compensation insurance costs were lower due to improved claims experience as well as a $15 benefit from a correction in the calculation of the workers’ compensation liability to exclude security program payments. Offsetting the benefit of this calculation change were charges of approximately $15 comprised of the settlement of a non-income based state tax audit, losses recognized on the announced disposal of 107 of the Company’s fuel centers and net losses from weather-related events.

Goodwill and Intangible Asset Impairment Charges

During the second quarter of fiscal 2011, based on the results of interim impairment tests, the Company recorded estimated impairment charges of $1,450 of goodwill and $150 of intangible assets with indefinite useful lives. These charges were finalized in the third quarter of fiscal 2011, resulting in final impairment charges of $1,619 of goodwill and $221 of intangible assets with indefinite useful lives. The review of goodwill for impairment during the second quarter of fiscal 2012 indicated that the $1,121 carrying value of traditional retail stores’ goodwill exceeded its estimated fair value. Further assessment of the fair value of implied goodwill based on the difference between the fair value of the reporting unit and the fair value of the underlying assets and liabilities did not indicate impairment. The Company will continue to assess goodwill for impairment through the remainder of fiscal 2012.

Operating Earnings (Loss)

Operating earnings for the second quarter of fiscal 2012 were $216, compared with an operating loss of $1,397 last year. Retail food operating earnings for the second quarter of fiscal 2012 were $177, or 2.7 percent of Retail food net sales, compared with an operating loss of $1,441, or negative 21.5 percent of Retail food net sales last year. The increase in Retail food operating earnings primarily reflects $1,600, or 24.3 percent of Retail food net sales, of goodwill and intangible asset impairment charges and $17, or 0.3 percent of Retail food net sales, of certain other costs primarily related to the impact of a labor dispute and employee-related costs recorded in the second quarter of fiscal 2011. There were no similar charges recorded in the second quarter of fiscal 2012. The remaining increase of $1, or negative 40 basis points, is primarily attributable to sales deleveraging within the Company’s traditional retail stores.

Independent business operating earnings for the second quarter of fiscal 2012 were $56, or 3.1 percent of Independent business net sales, compared with $69, or 3.5 percent of Independent business net sales last year. The decrease in Independent business operating earnings is primarily attributable to the divestiture of Total Logistic Control, completion of a national retail customer’s previously announced plans to transition certain volume to self-distribution and a higher LIFO charge.

Net Interest Expense

Net interest expense was $120 for the second quarter of fiscal 2012 compared with $129 last year, primarily reflecting lower debt levels in the second quarter of fiscal 2012 compared to last year.

Income Tax Provision (Benefit)

Income tax expense for the second quarter of fiscal 2012 was $36, or 37.4 percent of earnings before income taxes, compared with an income tax benefit of $56, or 3.7 percent of loss before income taxes, last year. The tax rate for the second quarter of fiscal 2011 reflects the impact of the goodwill and intangible asset impairment charges, the majority of which are non-deductible for income tax purposes.

Net Earnings (Loss)

Net earnings were $60, or $0.28 per basic and diluted share, for the second quarter of fiscal 2012 compared with a net loss of $1,470, or $6.94 per basic and diluted share, last year. Net loss for the second quarter of fiscal 2011 includes goodwill and intangible asset impairment charges and certain other costs primarily related to the impact of a labor dispute and employee-related costs of $1,620 before tax ($1,529 after tax, or $7.22 per diluted share).

YEAR-TO-DATE RESULTS

Net Sales

Net sales for fiscal 2012 year-to-date were $19,542 compared with $20,201 last year, primarily reflecting decreased sales in the Retail food segment. Retail food sales were 77.7 percent of Net sales and Independent business sales were 22.3 percent of Net sales for fiscal 2012 year-to-date, compared with 77.4 percent and 22.6 percent, respectively, last year.

Retail food net sales for fiscal 2012 year-to-date were $15,192 compared with $15,644 last year, a decrease of 2.9 percent. The decrease primarily reflects the change in retail sales of identical stores (defined as stores operating for four full quarters, including store expansions and excluding fuel and planned store closures) of negative 3.0 percent and the impact of market exits and store closures offset in part by new hard-discount stores and fuel sales. The decline in identical store retail sales resulted from a decrease in traffic partially offset by an increase in average ticket.

During fiscal 2012 year-to-date the Company added 36 new hard-discount food stores and one new traditional retail food store through new store development and sold or closed 22 hard-discount food stores and nine traditional retail food stores.

Independent business net sales for fiscal 2012 year-to-date were $4,350 compared with $4,557 last year. The decrease primarily reflects the completion of a national retail customer’s previously announced plans to transition certain volume to self-distribution and

lost sales associated with the divestiture of Total Logistic Control in the fourth quarter of fiscal 2011, partially offset by growth in sales to our existing customer base.

Gross Profit

Gross profit, as a percent of Net sales, was 22.2 percent for fiscal 2012 year-to-date compared with 22.4 percent last year. The decrease reflects the impact of a higher LIFO charge, higher fuel sales and the impact of the divestiture of Total Logistic Control during fiscal 2011. Fuel sales have increased in dollars and as a proportion of overall sales, however, fuel gross profit dollars remain relatively flat when compared to the same period last year. In addition, the benefits of improved promotional activities and reduced shrink more than fully funded price reductions.

Selling and Administrative Expenses

Selling and administrative expenses, as a percent of Net sales, were 19.6 percent for fiscal 2012 year-to-date, compared with 19.9 percent last year. The decrease primarily reflects the pressure from sales deleveraging within the Company’s traditional retail stores and increases in employee-related expenses which were more than offset by improvements achieved from cost reduction initiatives including store closures, reduced administrative expenses and lower workers’ compensation insurance costs as well as lower charges for non-operating properties and the benefit of higher fuel sales.

Goodwill and Intangible Asset Impairment Charges

During the second quarter of fiscal 2011, based on the results of interim impairment tests, the Company recorded estimated impairment charges of $1,450 of goodwill and $150 of intangible assets with indefinite useful lives. These charges were finalized in the third quarter of fiscal 2011, resulting in final impairment charges of $1,619 of goodwill and $221 of intangible assets with indefinite useful lives. The review of goodwill for impairment during fiscal 2012 year-to-date indicated that the $1,121 carrying value of traditional retail stores’ goodwill exceeded its estimated fair value. Further assessment of the fair value of implied goodwill based on the difference between the fair value of the reporting unit and the fair value of the underlying assets and liabilities did not indicate impairment. The Company will continue to assess goodwill for impairment through the remainder of fiscal 2012.

Operating Earnings (Loss)

Operating earnings for fiscal 2012 year-to-date were $496, compared with an operating loss of $1,096 last year. Retail food operating earnings for fiscal 2012 year-to-date were $396, or 2.6 percent of Retail food net sales, compared with an operating loss of $1,190, or negative 7.6 percent of Retail food net sales last year. The increase in Retail food operating earnings primarily reflects $1,600, or 10.5 percent of Retail food net sales, of goodwill and intangible asset impairment charges and $38, or 0.3 percent of Retail food net sales, of certain other costs primarily related to the impact of a labor dispute recorded last year. The remaining decrease of $52, or negative 60 basis points, is primarily attributable to declines in gross margin due to higher fuel sales and a higher LIFO charge, increases in employee-related expenses and sales deleveraging, partially offset by reduced administrative expenses.

Independent business operating earnings for fiscal 2012 year-to-date were $133, or 3.1 percent of Independent business net sales, compared with $148, or 3.3 percent of Independent business net sales last year. The decrease in Independent business operating earnings is primarily attributable to the divestiture of Total Logistic Control, completion of a national retail customer’s previously announced plans to transition certain volume to self-distribution and a higher LIFO charge.

Net Interest Expense

Net interest expense was $275 for fiscal 2012 year-to-date compared with $303 last year, primarily reflecting lower debt levels in fiscal 2012 year-to-date compared to last year.

Income Tax Provision

Income tax expense for fiscal 2012 year-to-date was $87, or 39.3 percent of earnings before income taxes, compared with $4, or 0.3 percent of loss before income taxes, last year. The tax rate for fiscal 2012 year-to-date reflects approximately $4 of expense related to prior years’ audit activity. The tax rate for fiscal 2011 year-to-date reflects the impact of the goodwill and intangible asset impairment charges, the majority of which are non-deductible for income tax purposes.

Net Earnings (Loss)

Net earnings were $134, or $0.63 per basic and diluted share, for fiscal 2012 year-to-date compared with a net loss of $1,403, or $6.63 per basic and diluted share, last year. Net loss for fiscal 2011 year-to-date includes goodwill and intangible asset impairment charges and certain other costs primarily related to the impact of a labor dispute of $1,642 before tax ($1,554 after tax, or $7.34 per diluted share).

LIQUIDITY AND CAPITAL RESOURCES

Net cash provided by operating activities was $580 for fiscal 2012 year-to-date compared with $754 last year, primarily reflecting changes in working capital as forward-buy inventory levels increased.

Net cash used in investing activities was $203 for fiscal 2012 year-to-date compared with $211 last year. The decrease primarily reflects lower capital expenditures compared to last year.

Net cash used in financing activities was $334 for fiscal 2012 year-to-date compared with $551 last year. The decrease in cash used in financing activities is primarily attributable to a lower level of net debt paydown compared to last year.

Management expects that the Company will continue to replenish operating assets with internally generated funds. There can be no assurance, however, that the Company’s business will continue to generate cash flow at current levels. The Company will continue to obtain short-term or long-term financing from its credit facilities. Long-term financing will be maintained through existing and new debt issuances and its credit facilities. The Company’s short-term and long-term financing abilities are believed to be adequate as a supplement to internally generated cash flows to fund capital expenditures and acquisitions as opportunities arise. Maturities of debt issued will depend on management’s views with respect to the relative attractiveness of interest rates at the time of issuance and other debt maturities.

Certain of the Company’s credit facilities and long-term debt agreements have restrictive covenants and cross-default provisions which generally provide, subject to the Company’s right to cure, for the acceleration of payments due in the event of a breach of the covenant or a default in the payment of a specified amount of indebtedness due under certain other debt agreements. The Company was in compliance with all such covenants and provisions for all periods presented.

Under the Amended Credit Agreement, the Company must maintain a leverage ratio no greater than 4.25 to 1.0 through December 30, 2011, 4.0 to 1.0 from December 31, 2011 through December 30, 2012 and 3.75 to 1.0 thereafter. The Company’s leverage ratio was 3.46 to 1.0 at September 10, 2011. Additionally, the Company must maintain a fixed charge coverage ratio of not less than 2.2 to 1.0 through December 30, 2011, 2.25 to 1.0 from December 31, 2011 through December 30, 2012 and 2.3 to 1.0 thereafter. The Company’s fixed charge coverage ratio was 2.59 to 1.0 at September 10, 2011.

All obligations under the senior secured credit facilities are guaranteed by each material subsidiary of the Company. The obligations are also secured by a pledge of the equity interests in those same material subsidiaries, limited as required by the existing public indentures of the Company, such that the respective debt issued need not be equally and ratably secured.

In May 2010, the Company amended and extended its accounts receivable securitization program until May 2013. The Company can

borrow up to $200 on a revolving basis, with borrowings secured by eligible accounts receivable, which remain under the Company’s control. As of September 10, 2011, there were no outstanding borrowings under this facility. The facility fee currently in effect, based on the Company’s current credit ratings, is 1.00 percent. As of September 10, 2011, there was $285 of accounts receivable pledged as collateral, classified in Receivables in the Condensed Consolidated Balance Sheet.

Capital spending during the second quarter of fiscal 2012 was $109. Capital spending year-to-date for fiscal 2012 was $267. Capital spending primarily included technology expenditures, new hard-discount stores and remodeling activity. The Company’s capital spending for fiscal 2012 is projected to be approximately $700 to $725, including capital leases.

Fiscal 2012 total debt reduction is estimated to be approximately $525 to $550.

COMMITMENTS, CONTINGENCIES AND OFF-BALANCE SHEET ARRANGEMENTS

Guarantees

Legal Proceedings

The Company is a party to various legal proceedings arising from the normal course of business as described in Part II—Other Information, Item 1, under the caption “Legal Proceedings” and in Note 10 – Commitments, Contingencies and Off-Balance Sheet Arrangements, none of which, in management’s opinion, is expected to have a material adverse impact on the Company’s financial condition, results of operations or cash flows.

Multi-Employer Plans

The Company contributes to various multi-employer pension plans under collective bargaining agreements, primarily defined benefit pension plans. These plans generally provide retirement benefits to participants based on their service to contributing employers. Based on available information, the Company believes that some of the multi-employer plans to which it contributes are underfunded. Company contributions to these plans could increase in the near term. However, the amount of any increase or decrease in contributions will depend on a variety of factors, including the results of the Company’s collective bargaining efforts, investment returns on the assets held in the plans, actions taken by the trustees who manage the plans and requirements under the Pension Protection Act and Section 412(e) of the Internal Revenue Code. Furthermore, if the Company was to significantly reduce contributions, exit certain markets or otherwise cease making contributions to these plans, it could trigger a partial or complete

withdrawal that would require the Company to recognize its proportionate share of a plan’s unfunded vested benefits. During the year-to-date ended September 10, 2011 and September 11, 2010, the Company contributed $71 and $73 to these plans, respectively.

Contractual Obligations

There have been no material changes in the Company’s contractual obligations since the end of fiscal 2011. Refer to Item 7 of the Company’s Annual Report on Form 10-K for the fiscal year ended February 26, 2011 for additional information regarding the Company’s contractual obligations.

CRITICAL ACCOUNTING POLICIES

The description of critical accounting policies is included in Item 7 of the Company’s Annual Report on Form 10-K for the fiscal year ended February 26, 2011.

CAUTIONARY STATEMENTS FOR PURPOSES OF THE SAFE HARBOR PROVISIONS OF THE SECURITIES LITIGATION REFORM ACT

Any statements contained in this Quarterly Report on Form 10-Q regarding the outlook for the Company’s businesses and their respective markets, such as projections of future performance, guidance, statements of the Company’s plans and objectives, forecasts of market trends and other matters, are forward-looking statements based on the Company’s assumptions and beliefs. Such statements may be identified by such words or phrases as “will likely result,” “are expected to,” “will continue,” “outlook,” “will benefit,” “is anticipated,” “estimate,” “project,” “management believes” or similar expressions. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those discussed in such statements and no assurance can be given that the results in any forward-looking statement will be achieved. For these statements, SUPERVALU INC. claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Any forward-looking statement speaks only as of the date on which it is made, and we disclaim any obligation to subsequently revise any forward-looking statement to reflect events or circumstances after such date or to reflect the occurrence of anticipated or unanticipated events.

Certain factors could cause the Company’s future results to differ materially from those expressed or implied in any forward-looking statements contained in this report. These factors include the factors discussed in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended February 26, 2011 under the heading “Risk Factors,” the factors discussed below and any other cautionary statements, written or oral, which may be made or referred to in connection with any such forward-looking statements. Since it is not possible to foresee all such factors, these factors should not be considered as complete or exhaustive.

Economic and Industry Conditions

	•		Continued volatility in the economy and financial markets due to uncertainties related to energy costs, availability of credit, difficulties in the banking and financial sectors, the decline in the housing market, falling consumer confidence and rising unemployment rates that affect consumer spending or buying habits

	•		Food and drug inflation or deflation

	•		Changes in interest rates

	•		The outcome of negotiations with partners, governments, suppliers, unions or customers

Execution of Initiatives

	•		The Company’s ability to execute customer-focused initiatives designed to support the Company’s vision of becoming “America’s Neighborhood Grocer”

	•		The effectiveness of cost reduction strategies

	•		The adequacy of the Company’s capital resources to fund new store growth and remodeling activities that achieve appropriate returns on capital investment

Competitive Practices

	•		The Company’s ability to attract and retain customers

	•		Competition from other food or drug retail chains, supercenters, non-traditional competitors and alternative formats in the Company’s markets

	•		Declines in the Company’s Independent business sales due to increased wholesaler competition or increased customer self-distribution

	•		Changes in demographics or consumer preferences that affect consumer spending or buying habits

	•		The success of the Company’s promotional and sales programs and the Company’s ability to respond to the promotional and pricing practices of competitors

Food Safety

•

Events that give rise to actual or potential food contamination, drug contamination or foodborne illness or any adverse publicity relating to these types of concerns, whether or not valid

Liquidity

	•		The Company’s substantial indebtedness and its potential effect on the operation of the Company’s business

	•		The Company’s ability to comply with debt covenants or to refinance the Company’s debt obligations

	•		A downgrade in the Company’s debt ratings, which may increase the cost of borrowing or adversely affect the Company’s ability to access one or more financial markets

	•		The availability of favorable credit and trade terms

Labor Relations

	•		Potential work disruptions resulting from labor disputes

	•		The ability to negotiate labor contracts with acceptable terms

Employee Benefit Costs

•

Increased operating costs resulting from rising employee benefit costs or pension funding obligations

Regulatory Matters

	•		The ability to timely obtain permits, comply with government regulations or make capital expenditures required to maintain compliance with government regulations

	•		Changes in applicable laws and regulations that impose additional requirements or restrictions on the operation of the Company’s businesses

Self-Insurance

	•		Variability in actuarial projections regarding workers’ compensation, automobile and general liability

	•		Potential increase in the number or severity of claims for which the Company is self-insured

Legal and Administrative Proceedings

	•		Unfavorable outcomes in litigation, governmental or administrative proceedings or other disputes

	•		Adverse publicity related to such unfavorable outcomes

Information Technology

	•		Difficulties in developing, maintaining or upgrading information technology systems

	•		Business disruptions or losses resulting from data theft, information espionage or other criminal activity directed at the Company’s computer or communications systems

Severe Weather, Natural Disasters and Adverse Climate Changes

	•		Property damage or business disruption resulting from severe weather conditions and natural disasters that affect the Company and the Company’s customers or suppliers

	•		Unseasonably adverse climate conditions that impact the availability or cost of certain products in the grocery supply chain

Accounting Matters

•

Changes in accounting standards that impact the Company’s financial statements

Goodwill and Intangible Asset Impairment Charges

•

Unfavorable changes in the Company’s industry, the broader economy, market conditions, business operations, competition or the Company’s stock price and market capitalization


ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There were no material changes in market risk for the Company in the period covered by this report. See the discussion of market risk in Item 7A of the Company’s Annual Report on Form 10-K for the fiscal year ended February 26, 2011.


ITEM 4. CONTROLS AND PROCEDURES

Management of the Company, including the Chief Executive Officer and the Chief Financial Officer, have evaluated the effectiveness

of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) of the Securities Exchange Act of 1934) as of September 10, 2011. Based on this evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures are effective to provide reasonable assurance that information required to be disclosed by the Company in the reports that it files or submits under the Securities Exchange Act of 1934 is (1) recorded, processed, summarized and reported within the time periods specified by the Securities and Exchange Commission’s rules and forms and (2) accumulated and communicated to the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, in a manner that allows timely decisions regarding required disclosure.

In connection with the evaluation described above, there were no changes in the Company’s internal control over financial reporting that occurred during the Company’s most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II – OTHER INFORMATION


ITEM 1. LEGAL PROCEEDINGS


ITEM 1A. RISK FACTORS

There were no material changes in risk factors for the Company in the period covered by this report. See the discussion of risk factors in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended February 26, 2011.


ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS


					Total Number of
					Shares Purchased		Approximate Dollar
					as Part of		Value of Shares
					Publicly		that May Yet be
					Announced		Purchased Under the
	Total Number		Average		Treasury Stock		Treasury Stock
(in millions, except shares and per share amounts)	of Shares		Price Paid		Purchase		Purchase
Period (1)	Purchased (2)		Per Share		Program (3)		Program (3)
First four weeks
June 19, 2011 to July 16, 2011		20,144	$	8.57		—	$	—
Second four weeks
July 17, 2011 to August 13, 2011		1,113	$	6.98		—	$	—
Third four weeks
August 14, 2011 to September 10, 2011		—	$	—		—	$	—

Totals		21,257	$	8.49		—	$	—


(1)		The reported periods conform to the Company’s fiscal calendar composed of thirteen 28-day periods. The second quarter of fiscal 2012 contains three 28-day periods.

(2)		These amounts include the deemed surrender by participants in the Company’s compensatory stock plans of 21,257 shares of previously issued common stock. These are in payment of the purchase price for shares acquired pursuant to the exercise of stock options and satisfaction of tax obligations arising from such exercises, as well as from the vesting of restricted stock awards granted under such plans.

(3)		On June 24, 2010, the Board of Directors of the Company adopted and announced an annual share purchase program authorizing the Company to purchase up to $70 of the Company’s common stock with stock purchases to be made primarily from the cash generated from the settlement of stock options. This annual authorization program replaced the previously existing share purchase program and expired June 30, 2011.


ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.


ITEM 4. (REMOVED AND RESERVED)


ITEM 5. OTHER INFORMATION

None.


ITEM 6.		EXHIBITS


3.1		Restated Bylaws of SUPERVALU INC., as amended June 2, 2011 is incorporated herein by reference to the Company’s Current Report on Form 8-K filed with the SEC on June 8, 2011.

31.1		Chief Executive Officer Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2		Chief Financial Officer Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1		Chief Executive Officer Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2		Chief Financial Officer Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101		The following information from the SUPERVALU INC. Quarterly Report on Form 10-Q for the fiscal quarter and year-to-date ended September 10, 2011, formatted in Extensible Business Reporting Language (XBRL): (i) the Condensed Consolidated Segment Financial Information, (ii) the Condensed Consolidated Statements of Earnings, (iii) the Condensed Consolidated Balance Sheets, (iv) the Condensed Consolidated Statements of Cash Flows and (v) the Notes to Condensed Consolidated Financial Statements.

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 thereunto duly authorized.


	SUPERVALU INC. (Registrant)
Dated: October 19, 2011		/s/ SHERRY M. SMITH
		Sherry M. Smith
		Executive Vice President, Chief Financial Officer (principal accounting officer)

EXHIBIT INDEX

Exhibit


3.1		Restated Bylaws of SUPERVALU INC., as amended June 2, 2011 is incorporated herein by reference to the Company’s Current Report on Form 8-K filed with the SEC on June 8, 2011.

31.1		Chief Executive Officer Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2		Chief Financial Officer Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1		Chief Executive Officer Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2		Chief Financial Officer Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101		The following information from the SUPERVALU INC. Quarterly Report on Form 10-Q for the fiscal quarter and year-to-date ended September 10, 2011, formatted in Extensible Business Reporting Language (XBRL): (i) the Condensed Consolidated Segment Financial Information, (ii) the Condensed Consolidated Statements of Earnings, (iii) the Condensed Consolidated Balance Sheets, (iv) the Condensed Consolidated Statements of Cash Flows and (v) the Notes to Condensed Consolidated Financial Statements.

EX-31.1 2 c66266exv31w1.htm EX-31.1 exv31w1

Exhibit 31.1

Certification Pursuant to Section 302
of the Sarbanes-Oxley Act of 2002

I, Craig R. Herkert, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of SUPERVALU INC. for the quarterly fiscal period ended September 10, 2011;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.



Date: October 19, 2011	/s/ CRAIG R. HERKERT
	Craig R. Herkert
	Chief Executive Officer

EX-31.2 3 c66266exv31w2.htm EX-31.2 exv31w2

Exhibit 31.2

Certification Pursuant to Section 302
of the Sarbanes-Oxley Act of 2002

I, Sherry M. Smith, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of SUPERVALU INC. for the quarterly fiscal period ended September 10, 2011;

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.



Date: October 19, 2011	/s/ SHERRY M. SMITH
	Sherry M. Smith
	Executive Vice President, Chief Financial Officer

EX-32.1 4 c66266exv32w1.htm EX-32.1 exv32w1

Exhibit 32.1

Certification Pursuant to Section 906
of the Sarbanes-Oxley Act of 2002

Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of SUPERVALU INC. (the “Company”) certifies that the Quarterly Report on Form 10-Q of the Company for the quarterly fiscal period ended September 10, 2011, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and the information contained in that Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company for the period and as of the dates covered thereby.



Dated: October 19, 2011	/s/ CRAIG R. HERKERT
	Craig R. Herkert
	Chief Executive Officer

EX-32.2 5 c66266exv32w2.htm EX-32.2 exv32w2

Exhibit 32.2

Certification Pursuant to Section 906
of the Sarbanes-Oxley Act of 2002



Dated: October 19, 2011	/s/ SHERRY M. SMITH
	Sherry M. Smith
	Executive Vice President, Chief Financial Officer

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<div align="left" style="font-family: 'Times New Roman',Times,serif">   <div align="center" style="font-size: 10pt; margin-top: 0pt"><b></b> </div> <div align="left"> </div> <div align="center" style="font-size: 10pt; margin-top: 0pt"><b></b> </div> <div align="center" style="font-size: 10pt; margin-top: 0pt"><b></b> </div> <div align="center" style="font-size: 10pt; margin-top: 0pt"><b></b> </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt"><i>Statement of Registrant</i> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The accompanying condensed consolidated financial statements of the Company for the second quarter and year-to-date ended September 10, 2011 and September 11, 2010 are unaudited and, in the opinion of management, contain all adjustments that are of a normal and recurring nature necessary to present fairly the financial condition and results of operations for such periods. The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes in the Company’s Annual Report on Form 10-K for the fiscal year ended February 26, 2011. The results of operations for the second quarter and year-to-date ended September 10, 2011 are not necessarily indicative of the results expected for the full year. The Condensed Consolidated Balance Sheet as of February 26, 2011 has been derived from the audited Consolidated Balance Sheet as of that date. </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><i>Accounting Policies</i> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The summary of significant accounting policies is included in the Notes to Consolidated Financial Statements set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended February 26, 2011. </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><i>Fiscal Year</i> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The Company’s fiscal year ends on the last Saturday in February. The Company’s first quarter consists of 16 weeks, while the second, third and fourth quarters each consist of 12 weeks. Because of differences in the accounting calendars of the Company and its wholly-owned subsidiary, New Albertson’s, Inc., the accompanying September 10, 2011 and February 26, 2011 Condensed Consolidated Balance Sheets include the assets and liabilities related to New Albertson’s, Inc. as of September 8, 2011 and February 24, 2011, respectively. </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><i>Use of Estimates</i> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The preparation of the Company’s condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><i>Cash and Cash Equivalents</i> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The Company considers all highly liquid investments with a maturity of three months or less at the time of purchase to be cash equivalents. The Company’s banking arrangements allow the Company to fund outstanding checks when presented to the financial institution for payment, resulting in book overdrafts. Book overdrafts are recorded in Accounts payable and accrued liabilities in the Condensed Consolidated Balance Sheets and are reflected as an operating activity in the Condensed Consolidated Statements of Cash Flows. As of September 10, 2011 and February 26, 2011, the Company had net book overdrafts of $309 and $360, respectively. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><i>Net Earnings (Loss) Per Share</i> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Basic net earnings (loss) per share is calculated using net earnings (loss) available to common stockholders divided by the weighted average number of shares outstanding during the period. Diluted net earnings (loss) per share is similar to basic net earnings (loss) per share except that the weighted average number of shares outstanding is after giving effect to the dilutive impacts of stock options, restricted stock awards and other dilutive securities. In addition, for the calculation of diluted net earnings (loss) per share, net earnings (loss) is adjusted to eliminate the after-tax interest expense recognized during the period related to contingently convertible debentures. As a result of the net loss for the second quarter and year-to-date ended September 11, 2010, all potentially dilutive shares were antidilutive and therefore excluded from the calculation of diluted net loss per share. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The following table reflects the calculation of basic and diluted net earnings (loss) per share: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="52%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>Second Quarter Ended</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>Year-to-Date Ended</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>September 10,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>September 11,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>September 10,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>September 11,</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Net earnings (loss) per share—basic </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Net earnings (loss) available to common stockholders </div></td> <td> </td> <td align="left">$</td> <td align="right">60</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(1,470</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">134</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(1,403</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Weighted average shares outstanding—basic </div></td> <td> </td> <td> </td> <td align="right">212</td> <td> </td> <td> </td> <td> </td> <td align="right">212</td> <td> </td> <td> </td> <td> </td> <td align="right">212</td> <td> </td> <td> </td> <td> </td> <td align="right">212</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Net earnings (loss) per share—basic </div></td> <td> </td> <td align="left">$</td> <td align="right">0.28</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(6.94</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">0.63</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(6.63</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Net earnings (loss) per share—diluted </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Net earnings (loss) available to common stockholders </div></td> <td> </td> <td align="left">$</td> <td align="right">60</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(1,470</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">134</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(1,403</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Weighted average shares outstanding—basic </div></td> <td> </td> <td> </td> <td align="right">212</td> <td> </td> <td> </td> <td> </td> <td align="right">212</td> <td> </td> <td> </td> <td> </td> <td align="right">212</td> <td> </td> <td> </td> <td> </td> <td align="right">212</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Dilutive impact of options and restricted stock outstanding </div></td> <td> </td> <td> </td> <td align="right">1</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">1</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Weighted average shares outstanding—diluted </div></td> <td> </td> <td> </td> <td align="right">213</td> <td> </td> <td> </td> <td> </td> <td align="right">212</td> <td> </td> <td> </td> <td> </td> <td align="right">213</td> <td> </td> <td> </td> <td> </td> <td align="right">212</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Net earnings (loss) per share—diluted </div></td> <td> </td> <td align="left">$</td> <td align="right">0.28</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(6.94</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">0.63</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(6.63</td> <td nowrap="nowrap">)</td> </tr>  </table> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Options of 20 and 21 shares were outstanding during the second quarter and year-to-date ended September 10, 2011, respectively, but were excluded from the calculation of diluted net earnings per share because they were antidilutive. Options and restricted stock of 24 and 23 shares were outstanding during the second quarter and year-to-date ended September 11, 2010, respectively, but were excluded from the calculation of diluted net loss per share as the effect of their inclusion would be antidilutive when applied to a net loss. </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><i>Comprehensive Income (Loss)</i> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Comprehensive income (loss) consisted of the following: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="52%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>Second Quarter Ended</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>Year-to-Date Ended</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>September 10,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>September 11,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>September 10,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>September 11,</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Net earnings (loss) </div></td> <td> </td> <td align="left">$</td> <td align="right">60</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(1,470</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">134</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(1,403</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Pension and other postretirement activity, net of tax </div></td> <td> </td> <td> </td> <td align="right">36</td> <td> </td> <td> </td> <td> </td> <td align="right">9</td> <td> </td> <td> </td> <td> </td> <td align="right">53</td> <td> </td> <td> </td> <td> </td> <td align="right">20</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Comprehensive income (loss) </div></td> <td> </td> <td align="left">$</td> <td align="right">96</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(1,461</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">187</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(1,383</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><i>New Accounting Standards</i> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">In September 2011, the Financial Accounting Standards Board (“FASB”) issued <i>Accounting Standards Update No. 2011-09, Compensation — Retirement Benefits — Multiemployer Plans (Subtopic 715-80)</i> (“ASU 2011-09”). ASU 2011-09 provides guidance on disclosure requirements for employers participating in multiemployer pension and other postretirement benefit plans (multiemployer plans) to improve transparency and increase awareness of the commitments and risks involved with participation in multiemployer plans. The new guidance requires employers participating in multiemployer plans to provide additional quantitative and qualitative disclosures to provide users with more detailed information regarding an employer’s involvement in multiemployer plans. The new guidance will be effective for the Company’s fiscal year ending February 25, 2012 and will result in enhanced disclosures, but will not otherwise have an impact on the Company’s consolidated financial statements. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif"> </div>

<div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>NOTE 2 — GOODWILL AND INTANGIBLE ASSETS</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Changes in the Company’s Goodwill and Intangible assets consisted of the following: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="40%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>February 26,</b></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Other net</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>September 10,</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Additions</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Impairments</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>adjustments</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Goodwill: </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Retail food goodwill </div></td> <td> </td> <td align="left">$</td> <td align="right">6,116</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(17</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">6,099</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Accumulated impairment losses </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(4,842</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(4,842</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:45px; text-indent:-15px">Total Retail food goodwill, net </div></td> <td> </td> <td> </td> <td align="right">1,274</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(17</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">1,257</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Independent business goodwill </div></td> <td> </td> <td> </td> <td align="right">710</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">710</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Total goodwill </div></td> <td> </td> <td align="left">$</td> <td align="right">1,984</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(17</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">1,967</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr>  </table> </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="40%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>February 26,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Additions/</b></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Other net</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>September 10,</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Amortization</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Impairments</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>adjustments</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Intangible assets: </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Trademarks and tradenames — indefinite useful lives </div></td> <td> </td> <td align="left">$</td> <td align="right">780</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">780</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Favorable operating leases, customer lists, customer relationships and other (accumulated amortization of $307 and $280 as of September 10, 2011 and February 26, 2011, respectively) </div></td> <td> </td> <td> </td> <td align="right">663</td> <td> </td> <td> </td> <td> </td> <td align="right">7</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(5</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">665</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Non-compete agreements (accumulated amortization of $4 and $4 as of September 10, 2011 and February 26, 2011, respectively) </div></td> <td> </td> <td> </td> <td align="right">11</td> <td> </td> <td> </td> <td> </td> <td align="right">1</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">12</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Total intangible assets </div></td> <td> </td> <td> </td> <td align="right">1,454</td> <td> </td> <td> </td> <td> </td> <td align="right">8</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(5</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">1,457</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Accumulated amortization </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(284</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(31</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td align="right">3</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(312</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Total intangible assets, net </div></td> <td> </td> <td align="left">$</td> <td align="right">1,170</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">1,145</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Amortization expense of intangible assets with definite useful lives was $31 for the year-to-date ended September 10, 2011 and September 11, 2010. Average future amortization expense will be approximately $35 per fiscal year for each of the next five fiscal years. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">On September 7, 2011, the Company announced it had reached an agreement to sell 107 retail fuel centers which are part of the Retail food segment. As a result of this agreement, during the second quarter the Company reclassified $17 of Goodwill and $76 of Property, plant and equipment and other assets to assets held for sale. Assets held for sale is a component of Other current assets in the Condensed Consolidated Balance Sheets. </div> </div>

<div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>NOTE 3 — RESERVES FOR CLOSED PROPERTIES</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The Company maintains reserves for costs associated with closures of retail stores, distribution centers and other properties that are no longer being utilized in current operations. The Company provides for closed property operating lease liabilities using a discount rate to calculate the present value of the remaining noncancellable lease payments after the closing date, reduced by estimated subtenant rentals that could be reasonably obtained for the property. Adjustments to closed property reserves primarily relate to changes in subtenant income or actual exit costs differing from original estimates. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Changes in the Company’s reserves for closed properties consisted of the following: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="88%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>September 10,</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Reserves for closed properties at beginning of fiscal year </div></td> <td> </td> <td align="left">$</td> <td align="right">178</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Additions </div></td> <td> </td> <td> </td> <td align="right">3</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Payments </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(29</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Adjustments </div></td> <td> </td> <td> </td> <td align="right">9</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Reserves for closed properties at end of period </div></td> <td> </td> <td align="left">$</td> <td align="right">161</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif"> </div>

<div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>NOTE 4—FAIR VALUE MEASUREMENTS</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities recorded at fair value are categorized using defined hierarchical levels directly related to the amount of subjectivity associated with the inputs to fair value measurements, as follows: </div> <div style="margin-top: 6pt"> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="3%" style="background: transparent"> </td> <td width="2%" nowrap="nowrap" align="left">Level 1 — </td> <td width="1%"> </td> <td>Quoted prices in active markets for identical assets or liabilities;</td> </tr> <tr> <td style="font-size: 6pt"> </td> </tr> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="3%" style="background: transparent"> </td> <td width="2%" nowrap="nowrap" align="left">Level 2 —</td> <td width="1%"> </td> <td> Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable;</td> </tr> <tr> <td style="font-size: 6pt"> </td> </tr> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="3%" style="background: transparent"> </td> <td width="2%" nowrap="nowrap" align="left">Level 3 —</td> <td width="1%"> </td> <td> Unobservable inputs in which little or no market activity exists, requiring an entity to develop its own assumptions that market participants would use to value the asset or liability.</td> </tr> </table> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">During the second quarter and year-to-date ended September 10, 2011, the Company recorded $3 and $4, respectively, of property, plant and equipment-related impairment charges, which were measured at fair value using Level 3 inputs. Property, plant and equipment-related impairment charges are a component of Selling and administrative expenses in the Condensed Consolidated Statements of Earnings. </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><i>Financial Instruments</i> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">For certain of the Company’s financial instruments, including cash and cash equivalents, receivables and accounts payable, the fair values approximate book values due to their short maturities. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The estimated fair value of notes receivable was greater than the book value by approximately $1 and $3 as of September 10, 2011 and February 26, 2011, respectively. Notes receivable are valued based on a discounted cash flow approach applying a market rate for similar instruments. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The estimated fair value of the Company’s long-term debt (including current maturities) was less than the book value by approximately $223 and $189 as of September 10, 2011 and February 26, 2011, respectively. The estimated fair value was based on market quotes, where available, or market values for similar instruments. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif"> </div>

<div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>NOTE 5 — LONG-TERM DEBT</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The Company’s long-term debt and capital lease obligations consisted of the following: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="76%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>September 10,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>February 26,</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">1.60% to 4.50% Revolving Credit Facility and Variable Rate Notes due June 2012 — April 2018 </div></td> <td> </td> <td align="left">$</td> <td align="right">1,279</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">1,382</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">8.00% Notes due May 2016 </div></td> <td> </td> <td> </td> <td align="right">1,000</td> <td> </td> <td> </td> <td> </td> <td align="right">1,000</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">7.45% Debentures due August 2029 </div></td> <td> </td> <td> </td> <td align="right">650</td> <td> </td> <td> </td> <td> </td> <td align="right">650</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">7.50% Notes due November 2014 </div></td> <td> </td> <td> </td> <td align="right">490</td> <td> </td> <td> </td> <td> </td> <td align="right">490</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">6.34% to 7.15% Medium Term Notes due July 2012 — June 2028 </div></td> <td> </td> <td> </td> <td align="right">440</td> <td> </td> <td> </td> <td> </td> <td align="right">440</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">8.00% Debentures due May 2031 </div></td> <td> </td> <td> </td> <td align="right">400</td> <td> </td> <td> </td> <td> </td> <td align="right">400</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">7.50% Notes due May 2012 </div></td> <td> </td> <td> </td> <td align="right">282</td> <td> </td> <td> </td> <td> </td> <td align="right">300</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">8.00% Debentures due June 2026 </div></td> <td> </td> <td> </td> <td align="right">272</td> <td> </td> <td> </td> <td> </td> <td align="right">272</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">8.70% Debentures due May 2030 </div></td> <td> </td> <td> </td> <td align="right">225</td> <td> </td> <td> </td> <td> </td> <td align="right">225</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">7.75% Debentures due June 2026 </div></td> <td> </td> <td> </td> <td align="right">200</td> <td> </td> <td> </td> <td> </td> <td align="right">200</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">7.25% Notes due May 2013 </div></td> <td> </td> <td> </td> <td align="right">159</td> <td> </td> <td> </td> <td> </td> <td align="right">200</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">7.90% Debentures due May 2017 </div></td> <td> </td> <td> </td> <td align="right">96</td> <td> </td> <td> </td> <td> </td> <td align="right">96</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Accounts Receivable Securitization Facility </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">90</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Other </div></td> <td> </td> <td> </td> <td align="right">90</td> <td> </td> <td> </td> <td> </td> <td align="right">102</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Net discount on debt, using an effective interest rate of 6.28% to 8.97% </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(243</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(250</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Capital lease obligations </div></td> <td> </td> <td> </td> <td align="right">1,119</td> <td> </td> <td> </td> <td> </td> <td align="right">1,154</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Total debt and capital lease obligations </div></td> <td> </td> <td> </td> <td align="right">6,459</td> <td> </td> <td> </td> <td> </td> <td align="right">6,751</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Less current maturities of long-term debt and capital lease obligations </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(413</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(403</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Long-term debt and capital lease obligations </div></td> <td> </td> <td align="left">$</td> <td align="right">6,046</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">6,348</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Certain of the Company’s credit facilities and long-term debt agreements have restrictive covenants and cross-default provisions which generally provide, subject to the Company’s right to cure, for the acceleration of payments due in the event of a breach of a covenant or a default in the payment of a specified amount of indebtedness due under certain other debt agreements. The Company was in compliance with all such covenants and provisions for all periods presented. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">In June 2006, the Company entered into senior secured credit facilities provided by a group of lenders consisting of a five-year revolving credit facility (the “Revolving Credit Facility”), a five-year term loan (“Term Loan A”) and a six-year term loan (“Term Loan B”). On April 5, 2010, the Company entered into an Amended and Restated Credit Agreement (the “Credit Agreement”), which provided for an extension of the maturity of portions of the senior secured credit facilities provided under the original credit agreement. Specifically, $1,500 of the Revolving Credit Facility was extended until April 5, 2015 and $500 of Term Loan B (“Term Loan B-2”) was extended until October 5, 2015. The remainder of Term Loan B (“Term Loan B-1”) matures on June 2, 2012. On June 2, 2011, the $600 unextended Revolving Credit Facility expired and Term Loan A matured and was paid. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">On April 29, 2011, the Company entered into the First Amendment to the Credit Agreement (the “Amended Credit Agreement”) which provided for Term Loan B-1 lenders to extend all or a portion of their advances into either Term Loan B-2 or a new seven-year term loan (“Term Loan B-3”) and also allowed new lenders to participate in Term Loan B-3. Through the amendment, $86 of Term Loan B-1 was extended into Term Loan B-2 and $161 of Term Loan B-1 was extended into Term Loan B-3. In addition, Term Loan B-3 received $291 of new advances which were used to reduce short-term borrowings and to retire Term Loan A at its maturity. Term Loan B-3 matures on April 29, 2018. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The fees and rates in effect on outstanding borrowings under the senior secured credit facilities are based on the Company’s current credit ratings. As of September 10, 2011, there were no outstanding borrowings under the Revolving Credit Facility. Term Loan B-1 had a remaining principal balance of $249 at LIBOR plus 1.375 percent, of which $2 was classified as current. Term Loan B-2 had a remaining principal balance of $580 at LIBOR plus 3.25 percent, of which $6 was classified as current. Term Loan B-3 had a remaining principal balance of $450 at LIBOR plus 3.50 percent with a 1.00 percent LIBOR floor, of which $5 was classified as current. Letters of credit outstanding under the Revolving Credit Facility were $311 at fees up to 2.75 percent and the unused available credit under the Revolving Credit Facility was $1,189. The Company also had $2 of outstanding letters of credit issued under separate agreements with financial institutions. These letters of credit primarily support workers’ compensation, merchandise import programs and payment obligations. Facility fees under the Revolving Credit Facility are 0.625 percent. Borrowings under the term loans may be paid, in full or in part, at any time without penalty. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Under the Amended Credit Agreement, the Company must maintain a leverage ratio no greater than 4.25 to 1.0 through December 30, 2011, 4.0 to 1.0 from December 31, 2011 through December 30, 2012 and 3.75 to 1.0 thereafter. The Company’s leverage ratio was 3.46 to 1.0 at September 10, 2011. Additionally, the Company must maintain a fixed charge coverage ratio of not less than 2.2 to 1.0 through December 30, 2011, 2.25 to 1.0 from December 31, 2011 through December 30, 2012 and 2.3 to 1.0 thereafter. The Company’s fixed charge coverage ratio was 2.59 to 1.0 at September 10, 2011. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">In May 2010, the Company amended and extended its accounts receivable securitization program until May 2013. The Company can borrow up to $200 on a revolving basis, with borrowings secured by eligible accounts receivable, which remain under the Company’s control. As of September 10, 2011, there were no outstanding borrowings under this facility. The facility fee currently in effect, based on the Company’s current credit ratings, is 1.00 percent. As of September 10, 2011, there was $285 of accounts receivable pledged as collateral, classified in Receivables in the Condensed Consolidated Balance Sheet. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">As of September 10, 2011, the Company had $247 of debt with current maturities that are classified in Long-term debt in the Condensed Consolidated Balance Sheets due to the Company’s intent to refinance such obligations with the Revolving Credit Facility or other long-term debt. </div> </div>

<div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>NOTE 6 — INCOME TAXES</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">During the year-to-date ended September 10, 2011 there were no material changes to the unrecognized tax benefits disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended February 26, 2011. The Company does not anticipate that its total unrecognized tax benefits will change significantly in the next 12 months. The tax rate for the year-to-date ended September 10, 2011 reflects approximately $4 of expense related to prior years’ audit activity. </div> </div>

<div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>NOTE 7 — STOCK-BASED AWARDS</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The Company recognized pre-tax stock-based compensation expense (included primarily in Selling and administrative expenses in the Condensed Consolidated Statements of Earnings) related to stock-based awards of $4 and $8 for the second quarter and year-to-date ended September 10, 2011, respectively, compared with $4 and $9 for the second quarter and year-to-date ended September 11, 2010, respectively. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">In April 2011 the Company granted performance awards to employees under the SUPERVALU INC. 2007 Stock Plan as part of the Company’s long-term incentive program (“LTIP”). Payout of the award, if at all, will be based on the highest payout under the terms of the grant based on the increase in market capitalization over the service period, or the achievement of financial goals for the three-year period ending February 22, 2014. Awards will be settled equally in cash and the Company’s stock. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">To calculate the fair value under the performance grant, the Company uses the Monte Carlo method. The assumptions related to the valuation of the Company’s LTIP consisted of the following: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="88%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>September 10,</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Dividend yield </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">4.2</td> <td nowrap="nowrap">%</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Volatility rate </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td nowrap="nowrap" align="right">47.4 — 51.6</td> <td nowrap="nowrap">%</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Risk-free interest rate </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td nowrap="nowrap" align="right">0.3 — 1.2</td> <td nowrap="nowrap">%</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Expected life </div></td> <td> </td> <td colspan="3" nowrap="nowrap" align="center">2.7 — 3.1 years</td> </tr>  </table> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The grant date fair value of the award made during the first quarter ended June 18, 2011 was $2.40 per share. The cash portion of the award is classified as a liability and is remeasured at fair value each reporting period. As of the end of the second quarter ended September 10, 2011 the fair value of the cash portion of the award was $1.07 per share. The minimum payout value of cash and stock is $0 and the aggregate maximum amount the Company could be required to payout is $177. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The Company did not grant any shares under stock options during the year-to-date ended September 10, 2011. The Company granted 3 shares under stock options during the year-to-date ended September 11, 2010. To calculate the fair value of stock options, the Company uses the Black-Scholes option pricing model. The significant weighted average assumptions relating to the valuation of the Company’s stock options consisted of the following: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="88%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>September 11,</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Dividend yield </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">2.0</td> <td nowrap="nowrap">%</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Volatility rate </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td nowrap="nowrap" align="right">42.8 — 45.1</td> <td nowrap="nowrap">%</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Risk-free interest rate </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td nowrap="nowrap" align="right">1.1 — 1.6</td> <td nowrap="nowrap">%</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Expected option life </div></td> <td> </td> <td colspan="3" nowrap="nowrap" align="center">4.0 — 5.4 years</td> </tr>  </table> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The weighted average grant date fair value of the stock options granted during the year-to-date ended September 11, 2010 was $4.01 per share. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif"> </div>

<div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>NOTE 8 — TREASURY STOCK PURCHASE PROGRAM</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">On June 24, 2010, the Board of Directors of the Company adopted and announced an annual share purchase program authorizing the Company to purchase up to $70 of the Company’s common stock with stock purchases to be made primarily from the cash generated from the settlement of stock options. This annual authorization program replaced the previously existing share purchase program and expired June 30, 2011. The Company did not purchase any shares during the second quarter or year-to-date ended September 10, 2011 under the share purchase program. The Company did not purchase any shares during the second quarter ended September 11, 2010. Prior to the expiration of the annual share purchase program, during the year-to-date ended September 11, 2010, the Company purchased 0.2 shares under a previously existing share purchase program at an average cost of $12.97 per share. </div> </div>

<div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>NOTE 9 — BENEFIT PLANS</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Substantially all employees of the Company are covered by various contributory and non-contributory pension, profit sharing or 401(k) plans. Union employees participate in multi-employer retirement plans under collective bargaining agreements, unless the collective bargaining agreement provides for participation in plans sponsored by the Company. In addition to sponsoring both defined benefit and defined contribution pension plans, the Company provides healthcare and life insurance benefits for eligible retired employees under postretirement benefit plans and short-term and long-term disability benefits to former and inactive employees prior to retirement under post-employment benefit plans. The terms of the postretirement benefit plans vary based on employment history, age and date of retirement. For most retirees, the Company provides a fixed dollar contribution and retirees pay contributions to fund the remaining cost. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Effective August 23, 2011, the Company amended the SUPERVALU Retiree Benefit Plan to modify benefits provided by the plan. The result of this amendment was a reduction in the other postretirement benefit obligation of $39 with a corresponding decrease to other comprehensive loss, net of tax. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Net periodic benefit expense for defined benefit pension plans and other postretirement benefit plans consisted of the following: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="52%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="14" style="border-bottom: 1px solid #000000"><b>Second Quarter Ended</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>Pension Benefits</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>Other Postretirement Benefits</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>September 10,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>September 11,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>September 10,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>September 11,</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Service cost </div></td> <td> </td> <td align="left">$</td> <td align="right">2</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">2</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Interest cost </div></td> <td> </td> <td> </td> <td align="right">32</td> <td> </td> <td> </td> <td> </td> <td align="right">32</td> <td> </td> <td> </td> <td> </td> <td align="right">2</td> <td> </td> <td> </td> <td> </td> <td align="right">2</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Expected return on assets </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(29</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(28</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Amortization of prior service benefit </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(1</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(1</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Amortization of net actuarial loss </div></td> <td> </td> <td> </td> <td align="right">21</td> <td> </td> <td> </td> <td> </td> <td align="right">14</td> <td> </td> <td> </td> <td> </td> <td align="right">1</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Net periodic benefit expense </div></td> <td> </td> <td align="left">$</td> <td align="right">26</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">20</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">2</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">1</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="52%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="14" style="border-bottom: 1px solid #000000"><b>Year-to-Date Ended</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>Pension Benefits</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>Other Postretirement Benefits</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>September 10,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>September 11,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>September 10,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>September 11,</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Service cost </div></td> <td> </td> <td align="left">$</td> <td align="right">5</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">4</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">1</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">1</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Interest cost </div></td> <td> </td> <td> </td> <td align="right">74</td> <td> </td> <td> </td> <td> </td> <td align="right">74</td> <td> </td> <td> </td> <td> </td> <td align="right">4</td> <td> </td> <td> </td> <td> </td> <td align="right">4</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Expected return on assets </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(67</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(66</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Amortization of prior service benefit </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(3</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(3</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Amortization of net actuarial loss </div></td> <td> </td> <td> </td> <td align="right">50</td> <td> </td> <td> </td> <td> </td> <td align="right">35</td> <td> </td> <td> </td> <td> </td> <td align="right">2</td> <td> </td> <td> </td> <td> </td> <td align="right">1</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Net periodic benefit expense </div></td> <td> </td> <td align="left">$</td> <td align="right">62</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">47</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">4</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">3</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">During the year-to-date ended September 10, 2011, the Company made contributions of $45 to its pension plans and $1 to its other postretirement benefit plans. </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><i>Multi-Employer Plans</i> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The Company contributes to various multi-employer pension plans under collective bargaining agreements, primarily defined benefit pension plans. These plans generally provide retirement benefits to participants based on their service to contributing employers. Based on available information, the Company believes that some of the multi-employer plans to which it contributes are underfunded. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 6pt">Company contributions to these plans could increase in the near term. However, the amount of any increase or decrease in contributions will depend on a variety of factors, including the results of the Company’s collective bargaining efforts, investment returns on the assets held in the plans, actions taken by the trustees who manage the plans and requirements under the Pension Protection Act and Section 412(e) of the Internal Revenue Code. Furthermore, if the Company was to significantly reduce contributions, exit certain markets or otherwise cease making contributions to these plans, it could trigger a partial or complete withdrawal that would require the Company to recognize its proportionate share of a plan’s unfunded vested benefits. During the year-to-date ended September 10, 2011 and September 11, 2010, the Company contributed $71 and $73 to these plans, respectively. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The Company also makes contributions to multi-employer health and welfare plans in amounts set forth in the related collective bargaining agreements. A small minority of collective bargaining agreements contain reserve requirements that may trigger unanticipated contributions resulting in increased healthcare expenses. If these healthcare provisions cannot be renegotiated in a manner that reduces the prospective healthcare cost as the Company intends, the Company’s Selling and administrative expenses could increase in the future. </div> </div>

<div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>NOTE 10 — COMMITMENTS, CONTINGENCIES AND OFF-BALANCE SHEET ARRANGEMENTS</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt"><i>Guarantees</i> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The Company has guaranteed certain leases, fixture financing loans and other debt obligations of various retailers as of September 10, 2011. These guarantees were generally made to support the business growth of independent retail customers. The guarantees are generally for the entire terms of the leases or other debt obligations with remaining terms that range from less than one year to 18 years, with a weighted average remaining term of approximately eight years. For each guarantee issued, if the independent retail customer defaults on a payment, the Company would be required to make payments under its guarantee. Generally, the guarantees are secured by indemnification agreements or personal guarantees of the independent retail customer. The Company reviews performance risk related to its guarantees of independent retail customers based on internal measures of credit performance. As of September 10, 2011, the maximum amount of undiscounted payments the Company would be required to make in the event of default of all of these guarantees was $111 and represented $82 on a discounted basis. Based on the indemnification agreements, personal guarantees and results of the reviews of performance risk, the Company believes the likelihood that it will be required to assume a material amount of these obligations is remote. Accordingly, no amount has been recorded in the Condensed Consolidated Balance Sheets for these contingent obligations under the Company’s guarantee arrangements. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The Company is contingently liable for leases that have been assigned to various third parties in connection with facility closings and dispositions. The Company could be required to satisfy the obligations under the leases if any of the assignees are unable to fulfill their lease obligations. Due to the wide distribution of the Company’s assignments among third parties, and various other remedies available, the Company believes the likelihood that it will be required to assume a material amount of these obligations is remote. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">In the ordinary course of business, the Company enters into supply contracts to purchase products for resale. These contracts typically include volume commitments or fixed expiration dates, termination provisions and other standard contractual considerations. As of September 10, 2011, the Company had $769 of non-cancelable future purchase obligations primarily related to supply contracts. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The Company is a party to a variety of contractual agreements under which the Company may be obligated to indemnify the other party for certain matters, which indemnities may be secured by operation of law or otherwise, in the ordinary course of business. These contracts primarily relate to the Company’s commercial contracts, operating leases and other real estate contracts, financial agreements, agreements to provide services to the Company and agreements to indemnify officers, directors and employees in the performance of their work. While the Company’s aggregate indemnification obligation could result in a material liability, the Company is not aware of any matters that are expected to result in a material liability. </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><i>Legal Proceedings</i> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The Company is subject to various lawsuits, claims and other legal matters that arise in the ordinary course of conducting business, none of which, in management’s opinion, is expected to have a material adverse effect on the Company’s financial condition, results of operations or cash flows. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">As previously disclosed in the Company’s Quarterly Report on Form 10-Q for the period ended June 18, 2011, in September 2008, a class action complaint was filed against the Company, as well as International Outsourcing Services, LLC (“IOS”), Inmar, Inc., Carolina Manufacturer’s Services, Inc., Carolina Coupon Clearing, Inc. and Carolina Services, in the United States District Court in the Eastern District of Wisconsin. The plaintiffs in the case are a consumer goods manufacturer, a grocery co-operative and a retailer marketing services company who allege on behalf of a purported class that the Company and the other defendants (i) conspired to restrict the markets for coupon processing services under the Sherman Act and (ii) were part of an illegal enterprise to defraud the plaintiffs under the Federal Racketeer Influenced and Corrupt Organizations Act. The plaintiffs seek monetary damages, attorneys’ fees and injunctive relief. The Company intends to vigorously defend this lawsuit, however all proceedings have been stayed in the case pending the result of the criminal prosecution of certain former officers of IOS. Although this lawsuit is subject to the uncertainties inherent in the litigation process, based on the information presently available to the Company, management does not expect that the ultimate resolution of this lawsuit will have a material adverse effect on the Company’s financial condition, results of operations or cash flows. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">As previously disclosed in the Company’s Quarterly Report on Form 10-Q for the period ended June 18, 2011, in December 2008, a class action complaint was filed in the United States District Court for the Western District of Wisconsin against the Company alleging that a 2003 transaction between the Company and C&S Wholesale Grocers, Inc. (“C&S”) was a conspiracy to restrain trade and allocate markets. In the 2003 transaction, the Company purchased certain assets of the Fleming Corporation as part of Fleming Corporation’s bankruptcy proceedings and sold certain assets of the Company to C&S which were located in New England. Since December 2008, three other retailers have filed similar complaints in other jurisdictions. The cases have been consolidated and are proceeding in the United States District Court for the District of Minnesota. The complaints allege that the conspiracy was concealed and continued through the use of non-compete and non-solicitation agreements and the closing down of the distribution facilities that the Company and C&S purchased from each other. Plaintiffs are seeking monetary damages, injunctive relief and attorneys’ fees. The Company is vigorously defending these lawsuits. Separately from these civil lawsuits, on September 14, 2009, the United States Federal Trade Commission (“FTC”) issued a subpoena to the Company requesting documents related to the C&S transaction as part of the FTC’s investigation into whether the Company and C&S engaged in unfair methods of competition. The Company cooperated with the FTC. On March 18, 2011, the FTC notified the Company that it had determined that no additional action was warranted by the FTC and that it had closed its investigation. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">As previously disclosed in the Company’s Quarterly Report on Form 10-Q for the period ended June 18, 2011, on January 7, 2010, the Company received a subpoena from the Office of Inspector General for the Department of Health and Human Services’ Milwaukee Field Office in connection with an investigation of possible false or otherwise improper claims for payment under the Medicaid program. The subpoena requests retail pharmacy claims data for “dual eligible” customers (i.e., customers with both Medicaid and private insurance coverage), information concerning the Company’s retail pharmacy claims processing systems, copies of pharmacy payor contracts and other documents and records. On February 11, 2011, a complaint was filed by the United States Government and the States of California and Minnesota to intervene in a previously sealed <i>qui tam </i>lawsuit in the United States District Court for the Western District of Wisconsin. The complaint alleges that the Company improperly billed Medicaid claims with dual eligibility by charging Medicaid more than the co-pay allowed by the primary payer in seven states. Although this lawsuit is subject to the uncertainties inherent in the litigation process, based on the information presently available to the Company, management does not expect that the ultimate resolution of this lawsuit will have a material adverse effect on the Company’s financial condition, results of operations or cash flows. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The Company is also involved in routine legal proceedings incidental to its operations. Some of these routine proceedings involve class allegations, many of which are ultimately dismissed. Management does not expect that the ultimate resolution of these legal proceedings will have a material adverse effect on the Company’s financial condition, results of operations or cash flows. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The statements above reflect management’s current expectations based on the information presently available to the Company, however, predicting the outcomes of claims and litigation and estimating related costs and exposures involves substantial uncertainties that could cause actual outcomes, costs and exposures to vary materially from current expectations. In addition, the Company regularly monitors its exposure to the loss contingencies associated with these matters and may from time to time change its predictions with respect to outcomes and its estimates with respect to related costs and exposures and believes recorded reserves are adequate. It is possible, although management believes it is remote, that material differences in actual outcomes, costs and exposures relative to current predictions and estimates, or material changes in such predictions or estimates, could have a material adverse effect on the Company’s financial condition, results of operations or cash flows. </div> </div>

<div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>NOTE 11 — SEGMENT INFORMATION</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Refer to the Condensed Consolidated Segment Financial Information for the Company’s segment information. </div> </div>

<div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>NOTE 12 — SUBSEQUENT EVENTS</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">On October 18, 2011, the Company announced a regular quarterly dividend of $0.0875 per share. The dividend is payable on December 15, 2011 to stockholders of record as of the close of business on December 1, 2011. </div> </div>

<div align="left" style="font-size: 10pt; font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 6pt">The accompanying condensed consolidated financial statements of the Company for the second quarter and year-to-date ended September 10, 2011 and September 11, 2010 are unaudited and, in the opinion of management, contain all adjustments that are of a normal and recurring nature necessary to present fairly the financial condition and results of operations for such periods. The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes in the Company’s Annual Report on Form 10-K for the fiscal year ended February 26, 2011. The results of operations for the second quarter and year-to-date ended September 10, 2011 are not necessarily indicative of the results expected for the full year. The Condensed Consolidated Balance Sheet as of February 26, 2011 has been derived from the audited Consolidated Balance Sheet as of that date. </div> </div> </div>   <div align="left" style="font-size: 10pt; font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 6pt">The summary of significant accounting policies is included in the Notes to Consolidated Financial Statements set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended February 26, 2011. </div> </div> </div>

<div align="right" style="font-size: 10pt; font-family: 'Times New Roman',Times,serif"> <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><i>New Accounting Standards</i> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">In September 2011, the Financial Accounting Standards Board (“FASB”) issued <i>Accounting Standards Update No. 2011-09, Compensation — Retirement Benefits — Multiemployer Plans (Subtopic 715-80)</i> (“ASU 2011-09”). ASU 2011-09 provides guidance on disclosure requirements for employers participating in multiemployer pension and other postretirement benefit plans (multiemployer plans) to improve transparency and increase awareness of the commitments and risks involved with participation in multiemployer plans. The new guidance requires employers participating in multiemployer plans to provide additional quantitative and qualitative disclosures to provide users with more detailed information regarding an employer’s involvement in multiemployer plans. The new guidance will be effective for the Company’s fiscal year ending February 25, 2012 and will result in enhanced disclosures, but will not otherwise have an impact on the Company’s consolidated financial statements. </div> </div> </div>

<div align="left" style="font-size: 10pt; font-family: 'Times New Roman',Times,serif"> <div style="font-family: 'Times New Roman',Times,serif"> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="40%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>February 26,</b></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Other net</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>September 10,</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Additions</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Impairments</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>adjustments</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Goodwill: </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Retail food goodwill </div></td> <td> </td> <td align="left">$</td> <td align="right">6,116</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(17</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">6,099</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Accumulated impairment losses </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(4,842</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(4,842</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:45px; text-indent:-15px">Total Retail food goodwill, net </div></td> <td> </td> <td> </td> <td align="right">1,274</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(17</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">1,257</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Independent business goodwill </div></td> <td> </td> <td> </td> <td align="right">710</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">710</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Total goodwill </div></td> <td> </td> <td align="left">$</td> <td align="right">1,984</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(17</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">1,967</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr>  </table> </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="40%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>February 26,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Additions/</b></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Other net</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>September 10,</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Amortization</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Impairments</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>adjustments</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Intangible assets: </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Trademarks and tradenames — indefinite useful lives </div></td> <td> </td> <td align="left">$</td> <td align="right">780</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">780</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Favorable operating leases, customer lists, customer relationships and other (accumulated amortization of $307 and $280 as of September 10, 2011 and February 26, 2011, respectively) </div></td> <td> </td> <td> </td> <td align="right">663</td> <td> </td> <td> </td> <td> </td> <td align="right">7</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(5</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">665</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Non-compete agreements (accumulated amortization of $4 and $4 as of September 10, 2011 and February 26, 2011, respectively) </div></td> <td> </td> <td> </td> <td align="right">11</td> <td> </td> <td> </td> <td> </td> <td align="right">1</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">12</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Total intangible assets </div></td> <td> </td> <td> </td> <td align="right">1,454</td> <td> </td> <td> </td> <td> </td> <td align="right">8</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(5</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">1,457</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Accumulated amortization </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(284</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(31</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td align="right">3</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(312</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Total intangible assets, net </div></td> <td> </td> <td align="left">$</td> <td align="right">1,170</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">1,145</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> </div> </div>

<div align="left" style="font-size: 10pt; font-family: 'Times New Roman',Times,serif"> <div style="font-family: 'Times New Roman',Times,serif"> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="52%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="14" style="border-bottom: 1px solid #000000"><b>Second Quarter Ended</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>Pension Benefits</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>Other Postretirement Benefits</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>September 10,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>September 11,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>September 10,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>September 11,</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Service cost </div></td> <td> </td> <td align="left">$</td> <td align="right">2</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">2</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Interest cost </div></td> <td> </td> <td> </td> <td align="right">32</td> <td> </td> <td> </td> <td> </td> <td align="right">32</td> <td> </td> <td> </td> <td> </td> <td align="right">2</td> <td> </td> <td> </td> <td> </td> <td align="right">2</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Expected return on assets </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(29</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(28</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Amortization of prior service benefit </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(1</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(1</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Amortization of net actuarial loss </div></td> <td> </td> <td> </td> <td align="right">21</td> <td> </td> <td> </td> <td> </td> <td align="right">14</td> <td> </td> <td> </td> <td> </td> <td align="right">1</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Net periodic benefit expense </div></td> <td> </td> <td align="left">$</td> <td align="right">26</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">20</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">2</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">1</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="52%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="14" style="border-bottom: 1px solid #000000"><b>Year-to-Date Ended</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>Pension Benefits</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>Other Postretirement Benefits</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>September 10,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>September 11,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>September 10,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>September 11,</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Service cost </div></td> <td> </td> <td align="left">$</td> <td align="right">5</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">4</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">1</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">1</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Interest cost </div></td> <td> </td> <td> </td> <td align="right">74</td> <td> </td> <td> </td> <td> </td> <td align="right">74</td> <td> </td> <td> </td> <td> </td> <td align="right">4</td> <td> </td> <td> </td> <td> </td> <td align="right">4</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Expected return on assets </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(67</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(66</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; 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Retail food operating loss for the second quarter and year-to-date ended September 11, 2010 reflects goodwill and intangible asset impairment charges of $1,600.

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Condended Consolidated Segment Financial Information (Unaudited) (Parenthetical) (USD $) In Millions	3 Months Ended	6 Months Ended
	Sep. 11, 2010	Sep. 11, 2010
Goodwill and intangible asset impairment charges	$ 1,600	$ 1,600

XML 14 R4.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Earnings (Unaudited) (USD $) In Millions, except Per Share data	3 Months Ended		6 Months Ended
	Sep. 10, 2011	Sep. 11, 2010	Sep. 10, 2011	Sep. 11, 2010
Condensed Consolidated Statements of Earnings [Abstract]
Net sales	$ 8,429	$ 8,656	$ 19,542	$ 20,201
Cost of sales	6,556	6,724	15,210	15,672
Gross profit	1,873	1,932	4,332	4,529
Selling and administrative expenses	1,657	1,729	3,836	4,025
Goodwill and intangible asset impairment charges		1,600		1,600
Operating earnings (loss)	216	(1,397)	496	(1,096)
Interest expense, net	120	129	275	303
Earnings (loss) before income taxes	96	(1,526)	221	(1,399)
Income tax provision (benefit)	36	(56)	87	4
Net earnings (loss)	$ 60	$ (1,470)	$ 134	$ (1,403)
Net earnings (loss) per share - basic	$ 0.28	$ (6.94)	$ 0.63	$ (6.63)
Net earnings (loss) per share - diluted	$ 0.28	$ (6.94)	$ 0.63	$ (6.63)
Dividends declared per share	$ 0.0875	$ 0.1750	$ 0.1750	$ 0.2625
Weighted average number of shares outstanding:
Basic	212	212	212	212
Diluted	213	212	213	212

XML 15 R23.htm IDEA: XBRL DOCUMENT

Goodwill and Intangible Assets (Tables)

6 Months Ended

Sep. 10, 2011

Goodwill and Intangible Assets [Abstract]

Changes in the Company's Goodwill and Intangible assets


	February 26,							Other net			September 10,
	2011			Additions		Impairments		adjustments			2011
Goodwill:
Retail food goodwill	$	6,116		$	—	$	—	$	(17	)	$	6,099
Accumulated impairment losses		(4,842	)		—		—		—			(4,842	)

Total Retail food goodwill, net		1,274			—		—		(17	)		1,257
Independent business goodwill		710			—		—		—			710

Total goodwill	$	1,984		$	—	$	—	$	(17	)	$	1,967


	February 26,			Additions/					Other net			September 10,
	2011			Amortization			Impairments		adjustments			2011
Intangible assets:
Trademarks and tradenames — indefinite useful lives	$	780		$	—		$	—	$	—		$	780
Favorable operating leases, customer lists, customer relationships and other (accumulated amortization of $307 and $280 as of September 10, 2011 and February 26, 2011, respectively)		663			7			—		(5	)		665
Non-compete agreements (accumulated amortization of $4 and $4 as of September 10, 2011 and February 26, 2011, respectively)		11			1			—		—			12

Total intangible assets		1,454			8			—		(5	)		1,457
Accumulated amortization		(284	)		(31	)				3			(312	)

Total intangible assets, net	$	1,170										$	1,145

XML 16 R1.htm IDEA: XBRL DOCUMENT

Document and Company Information (USD $)	6 Months Ended
Document and Company Information (USD $)	Sep. 10, 2011	Oct. 14, 2011	Sep. 11, 2010
Document and Company Information [Abstract]
Entity Registrant Name	SUPERVALU INC
Entity Central Index Key	0000095521
Document Type	10-Q
Document Period End Date	Sep. 10, 2011
Amendment Flag	false
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--02-28
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 2,241,221,551
Entity Common Stock, Shares Outstanding		212,229,256

XML 17 R26.htm IDEA: XBRL DOCUMENT

Stock Based Awards (Tables)

6 Months Ended

Sep. 10, 2011

Stock-Based Awards [Abstract]

Significant weighted average stock option valuation assumptions


	September 10,
	2011
Dividend yield		4.2	%
Volatility rate		47.4 — 51.6	%
Risk-free interest rate		0.3 — 1.2	%
Expected life	2.7 — 3.1 years


	September 11,
	2010
Dividend yield		2.0	%
Volatility rate		42.8 — 45.1	%
Risk-free interest rate		1.1 — 1.6	%
Expected option life	4.0 — 5.4 years

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Fair Value Measurements

6 Months Ended

Sep. 10, 2011

Fair Value Measurements [Abstract]

FAIR VALUE MEASUREMENTS

NOTE 4—FAIR VALUE MEASUREMENTS

	Level 1 —		Quoted prices in active markets for identical assets or liabilities;

	Level 2 —		Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable;

	Level 3 —		Unobservable inputs in which little or no market activity exists, requiring an entity to develop its own assumptions that market participants would use to value the asset or liability.

Financial Instruments

For certain of the Company’s financial instruments, including cash and cash equivalents, receivables and accounts payable, the fair values approximate book values due to their short maturities.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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+ Details

XML 20 R27.htm IDEA: XBRL DOCUMENT

Benefit Plans (Tables)

6 Months Ended

Sep. 10, 2011

Benefit Plans [Abstract]

Net periodic benefit expense (income) for defined benefit pension plans and other postretirement benefit plan


	Second Quarter Ended
	Pension Benefits						Other Postretirement Benefits
	September 10,			September 11,			September 10,			September 11,
	2011			2010			2011			2010
Service cost	$	2		$	2		$	—		$	—
Interest cost		32			32			2			2
Expected return on assets		(29	)		(28	)		—			—
Amortization of prior service benefit		—			—			(1	)		(1	)
Amortization of net actuarial loss		21			14			1			—

Net periodic benefit expense	$	26		$	20		$	2		$	1


	Year-to-Date Ended
	Pension Benefits						Other Postretirement Benefits
	September 10,			September 11,			September 10,			September 11,
	2011			2010			2011			2010
Service cost	$	5		$	4		$	1		$	1
Interest cost		74			74			4			4
Expected return on assets		(67	)		(66	)		—			—
Amortization of prior service benefit		—			—			(3	)		(3	)
Amortization of net actuarial loss		50			35			2			1

Net periodic benefit expense	$	62		$	47		$	4		$	3

- Definition

Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans.

+ References

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-Topic 715

-SubTopic 20

-Section 50

-Paragraph 3

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Commitments, Contingencies and Off-Balance Sheet Arrangements (Details) (USD $) In Millions	6 Months Ended
	Sep. 10, 2011
Commitments, Contingencies and Off Balance Sheet Arrangements (Textual) [Abstract]
Maximum amount of undiscounted payments under the Company's guarantee arrangements	$ 111
Guarantor Obligation, Maximum Exposure, Discounted	82
Remaining term for guarantee for other debt obligation minimum (less than given term in years)	1 year
Remaining term for guarantee for other debt obligation maximum (in years)	18 years
Remaining term for guarantee for other debt obligation weighted average (in years)	8 years
Non-cancelable future purchase obligations	$ 769

XML 22 R25.htm IDEA: XBRL DOCUMENT

Long Term Debt (Tables)

6 Months Ended

Sep. 10, 2011

Long-Term Debt [Abstract]

Long-term debt and capital lease obligations


	September 10,			February 26,
	2011			2011
1.60% to 4.50% Revolving Credit Facility and Variable Rate Notes due June 2012 — April 2018	$	1,279		$	1,382
8.00% Notes due May 2016		1,000			1,000
7.45% Debentures due August 2029		650			650
7.50% Notes due November 2014		490			490
6.34% to 7.15% Medium Term Notes due July 2012 — June 2028		440			440
8.00% Debentures due May 2031		400			400
7.50% Notes due May 2012		282			300
8.00% Debentures due June 2026		272			272
8.70% Debentures due May 2030		225			225
7.75% Debentures due June 2026		200			200
7.25% Notes due May 2013		159			200
7.90% Debentures due May 2017		96			96
Accounts Receivable Securitization Facility		—			90
Other		90			102
Net discount on debt, using an effective interest rate of 6.28% to 8.97%		(243	)		(250	)
Capital lease obligations		1,119			1,154

Total debt and capital lease obligations		6,459			6,751
Less current maturities of long-term debt and capital lease obligations		(413	)		(403	)

Long-term debt and capital lease obligations	$	6,046		$	6,348

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Benefit Plans

6 Months Ended

Sep. 10, 2011

Benefit Plans [Abstract]

BENEFIT PLANS

NOTE 9 — BENEFIT PLANS

Net periodic benefit expense for defined benefit pension plans and other postretirement benefit plans consisted of the following:


	Second Quarter Ended
	Pension Benefits						Other Postretirement Benefits
	September 10,			September 11,			September 10,			September 11,
	2011			2010			2011			2010
Service cost	$	2		$	2		$	—		$	—
Interest cost		32			32			2			2
Expected return on assets		(29	)		(28	)		—			—
Amortization of prior service benefit		—			—			(1	)		(1	)
Amortization of net actuarial loss		21			14			1			—

Net periodic benefit expense	$	26		$	20		$	2		$	1


	Year-to-Date Ended
	Pension Benefits						Other Postretirement Benefits
	September 10,			September 11,			September 10,			September 11,
	2011			2010			2011			2010
Service cost	$	5		$	4		$	1		$	1
Interest cost		74			74			4			4
Expected return on assets		(67	)		(66	)		—			—
Amortization of prior service benefit		—			—			(3	)		(3	)
Amortization of net actuarial loss		50			35			2			1

Net periodic benefit expense	$	62		$	47		$	4		$	3

During the year-to-date ended September 10, 2011, the Company made contributions of $45 to its pension plans and $1 to its other postretirement benefit plans.

Multi-Employer Plans

- Definition

The entire disclosure for pension and other postretirement benefits.

+ References

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XML 24 R8.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) In Millions	6 Months Ended
	Sep. 10, 2011	Sep. 11, 2010
Cash flows from operating activities
Net earnings (loss)	$ 134	$ (1,403)
Adjustments to reconcile net earnings to net cash provided by operating activities:
Goodwill and intangible asset impairment charges		1,600
Depreciation and amortization	478	502
LIFO charge	36	12
Asset impairment and other charges	9	23
Gain on sale of assets	(12)	(6)
Deferred income taxes	70	(35)
Stock-based compensation	8	9
Other	11	18
Changes in operating assets and liabilities	(154)	34
Net cash provided by operating activities	580	754
Cash flows from investing activities
Proceeds from sale of assets	63	86
Purchases of property, plant and equipment	(267)	(312)
Other	1	15
Net cash used in investing activities	(203)	(211)
Cash flows from financing activities
Proceeds from issuance of long-term debt	291	66
Payment of long-term debt and capital lease obligations	(580)	(573)
Dividends paid	(37)	(37)
Other	(8)	(7)
Net cash used in financing activities	(334)	(551)
Net increase (decrease) in cash and cash equivalents	43	(8)
Cash and cash equivalents at beginning of year	172	211
Cash and cash equivalents at the end of period	$ 215	$ 203

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Stock Based Awards (Details) (USD $) In Millions, except Per Share data, unless otherwise specified	3 Months Ended		6 Months Ended						3 Months Ended
	Sep. 10, 2011	Sep. 11, 2010	Sep. 10, 2011	Sep. 11, 2010	Sep. 10, 2011 Maximum [Member]	Sep. 11, 2010 Maximum [Member]	Sep. 10, 2011 Minimum [Member]	Sep. 11, 2010 Minimum [Member]	Jun. 18, 2011 Performance Awards [Member]
Significant weighted average assumptions
Dividend yield					4.20%	2.00%
Volatility rate					51.60%	45.10%	47.40%	42.80%
Risk-free interest rate					1.20%	1.60%	0.30%	1.10%
Expected option life					3.1	5.4	2.7	4.0
Payout					$ 177		$ 0
Grant date fair value of the award									$ 2.40
Stock Based Awards (Textual) [Abstract]
Pre-tax stock-based compensation expense related to stock-based awards	$ 4	$ 4	$ 8	$ 9
Fair value of cash portion grant	$ 1.07
Stock options granted				3
Weighted average grant date fair value of the stock options granted				$ 4.01
Term for payout of awards over achievement of financial goals			3 years

XML 26 R14.htm IDEA: XBRL DOCUMENT

Income Taxes	6 Months Ended
Income Taxes	Sep. 10, 2011
Income Taxes [Abstract]
INCOME TAXES	NOTE 6 — INCOME TAXES During the year-to-date ended September 10, 2011 there were no material changes to the unrecognized tax benefits disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended February 26, 2011. The Company does not anticipate that its total unrecognized tax benefits will change significantly in the next 12 months. The tax rate for the year-to-date ended September 10, 2011 reflects approximately $4 of expense related to prior years’ audit activity.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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Segment Information	6 Months Ended
Segment Information	Sep. 10, 2011
Segment Information [Abstract]
SEGMENT INFORMATION	NOTE 11 — SEGMENT INFORMATION Refer to the Condensed Consolidated Segment Financial Information for the Company’s segment information.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 31

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599

+ Details

XML 28 R15.htm IDEA: XBRL DOCUMENT

Stock Based Awards

6 Months Ended

Sep. 10, 2011

Stock-Based Awards [Abstract]

STOCK-BASED AWARDS

NOTE 7 — STOCK-BASED AWARDS

To calculate the fair value under the performance grant, the Company uses the Monte Carlo method. The assumptions related to the valuation of the Company’s LTIP consisted of the following:


	September 10,
	2011
Dividend yield		4.2	%
Volatility rate		47.4 — 51.6	%
Risk-free interest rate		0.3 — 1.2	%
Expected life	2.7 — 3.1 years


	September 11,
	2010
Dividend yield		2.0	%
Volatility rate		42.8 — 45.1	%
Risk-free interest rate		1.1 — 1.6	%
Expected option life	4.0 — 5.4 years

The weighted average grant date fair value of the stock options granted during the year-to-date ended September 11, 2010 was $4.01 per share.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Statement of Position (SOP)

-Number 93-6

-Paragraph 53

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 14

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 123R

-Paragraph 64, 65, A240

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 40

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 50

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

+ Details

XML 29 R32.htm IDEA: XBRL DOCUMENT

Long Term Debt (Details) (USD $) In Millions, unless otherwise specified	6 Months Ended
	Sep. 10, 2011	Feb. 26, 2011
Long-term debt and capital lease obligations
Accounts Receivable Securitization Facility	$ 0	$ 90
Other	90	102
Net discount on debt, using an effective interest rate of 6.28% to 8.97%	(243)	(250)
Capital lease obligations	1,119	1,154
Total debt and capital lease obligations	6,459	6,751
Less current maturities of long-term debt and capital lease obligations	(413)	(403)
Long-term debt and capital lease obligations	6,046	6,348
Long-Term Debt (Textual) [Abstract]
Debt Instrument, Interest Rate, Minimum	6.28%
Debt Instrument, Interest Rate, Maximum	8.97%
1.60% to 4.50% Revolving Credit Facility and Variable Rate Notes due June 2012 - April 2018
Long-term debt and capital lease obligations
Long Term Debentures and Notes due	1,279	1,382
Long-Term Debt (Textual) [Abstract]
Debt Instrument, Interest Rate, Minimum	1.60%
Debt Instrument, Interest Rate, Maximum	4.50%
8.00% Notes due May 2016 [Member]
Long-term debt and capital lease obligations
Long Term Debentures and Notes due	1,000	1,000
Long-Term Debt (Textual) [Abstract]
Debt Instrument, Interest Rate	8.00%
7.45% Debentures due August 2029 [Member]
Long-term debt and capital lease obligations
Long Term Debentures and Notes due	650	650
Long-Term Debt (Textual) [Abstract]
Debt Instrument, Interest Rate	7.45%
7.50% Notes due November 2014 [Member]
Long-term debt and capital lease obligations
Long Term Debentures and Notes due	490	490
Long-Term Debt (Textual) [Abstract]
Debt Instrument, Interest Rate	7.50%
6.34% to 7.15% Medium Term Notes due July 2012 - June 2028 [Member]
Long-term debt and capital lease obligations
Long Term Debentures and Notes due	440	440
Long-Term Debt (Textual) [Abstract]
Debt Instrument, Interest Rate, Minimum	6.34%
Debt Instrument, Interest Rate, Maximum	7.15%
8.00% Debentures due May 2031 [Member]
Long-term debt and capital lease obligations
Long Term Debentures and Notes due	400	400
Long-Term Debt (Textual) [Abstract]
Debt Instrument, Interest Rate	8.00%
7.50% Notes due May 2012 [Member]
Long-term debt and capital lease obligations
Long Term Debentures and Notes due	282	300
Long-Term Debt (Textual) [Abstract]
Debt Instrument, Interest Rate	7.50%
8.00% Debentures due June 2026 [Member]
Long-term debt and capital lease obligations
Long Term Debentures and Notes due	272	272
Long-Term Debt (Textual) [Abstract]
Debt Instrument, Interest Rate	8.00%
8.70% Debentures due May 2030 [Member]
Long-term debt and capital lease obligations
Long Term Debentures and Notes due	225	225
Long-Term Debt (Textual) [Abstract]
Debt Instrument, Interest Rate	8.70%
7.75% Debentures due June 2026 [Member]
Long-term debt and capital lease obligations
Long Term Debentures and Notes due	200	200
Long-Term Debt (Textual) [Abstract]
Debt Instrument, Interest Rate	7.75%
7.25% Notes due May 2013 [Member]
Long-term debt and capital lease obligations
Long Term Debentures and Notes due	159	200
Long-Term Debt (Textual) [Abstract]
Debt Instrument, Interest Rate	7.25%
7.90% Debentures due May 2017 [Member]
Long-term debt and capital lease obligations
Long Term Debentures and Notes due	$ 96	$ 96
Long-Term Debt (Textual) [Abstract]
Debt Instrument, Interest Rate	7.90%

XML 30 R13.htm IDEA: XBRL DOCUMENT

Long Term Debt

6 Months Ended

Sep. 10, 2011

Long-Term Debt [Abstract]

LONG-TERM DEBT

NOTE 5 — LONG-TERM DEBT

The Company’s long-term debt and capital lease obligations consisted of the following:


	September 10,			February 26,
	2011			2011
1.60% to 4.50% Revolving Credit Facility and Variable Rate Notes due June 2012 — April 2018	$	1,279		$	1,382
8.00% Notes due May 2016		1,000			1,000
7.45% Debentures due August 2029		650			650
7.50% Notes due November 2014		490			490
6.34% to 7.15% Medium Term Notes due July 2012 — June 2028		440			440
8.00% Debentures due May 2031		400			400
7.50% Notes due May 2012		282			300
8.00% Debentures due June 2026		272			272
8.70% Debentures due May 2030		225			225
7.75% Debentures due June 2026		200			200
7.25% Notes due May 2013		159			200
7.90% Debentures due May 2017		96			96
Accounts Receivable Securitization Facility		—			90
Other		90			102
Net discount on debt, using an effective interest rate of 6.28% to 8.97%		(243	)		(250	)
Capital lease obligations		1,119			1,154

Total debt and capital lease obligations		6,459			6,751
Less current maturities of long-term debt and capital lease obligations		(413	)		(403	)

Long-term debt and capital lease obligations	$	6,046		$	6,348

XML 31 R6.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets (USD $) In Millions	Sep. 10, 2011	Feb. 26, 2011
Current assets
Cash and cash equivalents	$ 215	$ 172
Receivables, net	766	743
Inventories	2,376	2,270
Other current assets	294	235
Total current assets	3,651	3,420
Property, plant and equipment, net	6,262	6,604
Goodwill	1,967	1,984
Intangible assets, net	1,145	1,170
Other assets	507	580
Total assets	13,532	13,758
Current liabilities
Accounts payable and accrued liabilities	2,739	2,661
Current maturities of long-term debt and capital lease obligations	413	403
Other current liabilities	725	722
Total current liabilities	3,877	3,786
Long-term debt and capital lease obligations	6,046	6,348
Other liabilities	2,111	2,284
Commitments and contingencies
Stockholders' equity
Common stock, $1.00 par value: 400 shares authorized; 230 shares issued	230	230
Capital in excess of par value	2,859	2,855
Accumulated other comprehensive loss	(393)	(446)
Retained deficit	(681)	(778)
Treasury stock, at cost, 18 and 18 shares, respectively	(517)	(521)
Total stockholders' equity	1,498	1,340
Total liabilities and stockholders' equity	$ 13,532	$ 13,758

XML 32 R9.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies

6 Months Ended

Sep. 10, 2011

Summary of Significant Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Statement of Registrant

Accounting Policies

Fiscal Year

Use of Estimates

Cash and Cash Equivalents

Net Earnings (Loss) Per Share

The following table reflects the calculation of basic and diluted net earnings (loss) per share:


	Second Quarter Ended					Year-to-Date Ended
	September 10,		September 11,			September 10,		September 11,
	2011		2010			2011		2010
Net earnings (loss) per share—basic
Net earnings (loss) available to common stockholders	$	60	$	(1,470	)	$	134	$	(1,403	)
Weighted average shares outstanding—basic		212		212			212		212
Net earnings (loss) per share—basic	$	0.28	$	(6.94	)	$	0.63	$	(6.63	)

Net earnings (loss) per share—diluted
Net earnings (loss) available to common stockholders	$	60	$	(1,470	)	$	134	$	(1,403	)
Weighted average shares outstanding—basic		212		212			212		212
Dilutive impact of options and restricted stock outstanding		1		—			1		—

Weighted average shares outstanding—diluted		213		212			213		212
Net earnings (loss) per share—diluted	$	0.28	$	(6.94	)	$	0.63	$	(6.63	)

Comprehensive Income (Loss)

Comprehensive income (loss) consisted of the following:


	Second Quarter Ended					Year-to-Date Ended
	September 10,		September 11,			September 10,		September 11,
	2011		2010			2011		2010
Net earnings (loss)	$	60	$	(1,470	)	$	134	$	(1,403	)
Pension and other postretirement activity, net of tax		36		9			53		20

Comprehensive income (loss)	$	96	$	(1,461	)	$	187	$	(1,383	)

New Accounting Standards

XML 33 R31.htm IDEA: XBRL DOCUMENT

Fair Value Measurements (Details) (USD $) In Millions			3 Months Ended	6 Months Ended
Fair Value Measurements (Details) (USD $) In Millions	Sep. 10, 2011	Feb. 26, 2011	Sep. 10, 2011 Level 3 [Member]	Sep. 10, 2011 Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset impairment charges			$ 3	$ 4
Fair Value Measurements (Textual) [Abstract]
Difference between fair value and book value of notes receivable	1	3
Difference between fair value and book value of long term debt	$ 223	$ 189

XML 34 R10.htm IDEA: XBRL DOCUMENT

Goodwill and Intangible Assets

6 Months Ended

Sep. 10, 2011

Goodwill and Intangible Assets [Abstract]

GOODWILL AND INTANGIBLE ASSETS

NOTE 2 — GOODWILL AND INTANGIBLE ASSETS

Changes in the Company’s Goodwill and Intangible assets consisted of the following:


	February 26,							Other net			September 10,
	2011			Additions		Impairments		adjustments			2011
Goodwill:
Retail food goodwill	$	6,116		$	—	$	—	$	(17	)	$	6,099
Accumulated impairment losses		(4,842	)		—		—		—			(4,842	)

Total Retail food goodwill, net		1,274			—		—		(17	)		1,257
Independent business goodwill		710			—		—		—			710

Total goodwill	$	1,984		$	—	$	—	$	(17	)	$	1,967


	February 26,			Additions/					Other net			September 10,
	2011			Amortization			Impairments		adjustments			2011
Intangible assets:
Trademarks and tradenames — indefinite useful lives	$	780		$	—		$	—	$	—		$	780
Favorable operating leases, customer lists, customer relationships and other (accumulated amortization of $307 and $280 as of September 10, 2011 and February 26, 2011, respectively)		663			7			—		(5	)		665
Non-compete agreements (accumulated amortization of $4 and $4 as of September 10, 2011 and February 26, 2011, respectively)		11			1			—		—			12

Total intangible assets		1,454			8			—		(5	)		1,457
Accumulated amortization		(284	)		(31	)				3			(312	)

Total intangible assets, net	$	1,170										$	1,145

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References+ Details

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Summary of Significant Accounting Policies (Details) (USD $) In Millions, except Per Share data	3 Months Ended		6 Months Ended
	Sep. 10, 2011	Sep. 11, 2010	Sep. 10, 2011	Sep. 11, 2010	Feb. 26, 2011
Net earnings (loss) per share - basic
Net earnings (loss) available to common stockholders	$ 60	$ (1,470)	$ 134	$ (1,403)
Weighted average shares outstanding - basic	212	212	212	212
Net earnings (loss) per share - basic	$ 0.28	$ (6.94)	$ 0.63	$ (6.63)
Net earnings (loss) per share - diluted
Net earnings (loss) available to common stockholders	60	(1,470)	134	(1,403)
Weighted average shares outstanding - basic	212	212	212	212
Dilutive impact of options and restricted stock outstanding	1		1
Weighted average shares outstanding - diluted	213	212	213	212
Net earnings (loss) per share - diluted	$ 0.28	$ (6.94)	$ 0.63	$ (6.63)
Comprehensive Income (Loss)
Net earnings (loss)	60	(1,470)	134	(1,403)
Pension and other postretirement activity, net of tax	36	9	53	20
Comprehensive income	96	(1,461)	187	(1,383)
Summary of Significant Accounting Policies (Textual) [Abstract]
Net book overdrafts	$ 309		$ 309		$ 360
Options to purchase common stock excluded from the computation of diluted earnings per share	20	24	21	23
Number of weeks in first quarter			P16W
Number of weeks in second, third and fourth quarter			P12W

XML 37 R33.htm IDEA: XBRL DOCUMENT

Long Term Debt (Details Textual) (USD $) In Millions, unless otherwise specified	6 Months Ended				6 Months Ended	3 Months Ended		6 Months Ended
	Sep. 10, 2011	Apr. 29, 2011	Sep. 10, 2011 Letter of Credit [Member]	Jun. 02, 2011 Letter of Credit [Member]	Sep. 10, 2011 Letter of Credit [Member] Revolving credit facility [Member]	Jun. 18, 2011 Revolving credit facility [Member]	Sep. 10, 2011 Revolving credit facility [Member]	Sep. 10, 2011 Term Loan A [Member]	Sep. 10, 2011 Term Loan B [Member]	Sep. 10, 2011 Term loan B-1 [Member]	Sep. 10, 2011 Term loan B-2 [Member]	Sep. 10, 2011 Term Loan B-3 [Member]	Apr. 29, 2011 Term Loan B-3 [Member]	Sep. 10, 2011 Through December 30, 2011 [Member] Maximum [Member]	Sep. 10, 2011 Through December 30, 2011 [Member] Minimum [Member]	Sep. 10, 2011 From December 31, 2011 [Member] Maximum [Member]	Sep. 10, 2011 From December 31, 2011 [Member] Minimum [Member]	Sep. 10, 2011 Through December 30, 2012 [Member] Maximum [Member]	Sep. 10, 2011 Through December 30, 2012 [Member] Minimum [Member]	Sep. 10, 2011 Maximum [Member]	Sep. 10, 2011 Minimum [Member]
Debt Instrument [Line Items]
Term of credit facilities					5 years			5 years	6 years
Senior secured credit facilities portion extended			$ 1,500								$ 500
Senior secured credit facilities remaining portion				600
New Advances for Term loan B-3													291
Remaining balance for outstanding borrowing			0							249	580	450
Interest rate addition to base rate										1.375%	3.25%	3.50%
Current outstanding borrowing										2	6	5
Letter of credit outstanding	0				311
Unused credit					1,189
Outstanding letter of credit issued under separate agreement	2
Facility fees under the extended portions						0.625%
Leverage Ratio														4.25	1.0	4.0	1.0	3.75	1.0	3.46	1.0
Fixed charge coverage ratio														2.2	1.0	2.25	1.0	2.3	1.0	2.59	1.0
Maximum letter of credit fee							2.75%
LIBOR floor rate												1.00%
Long-Term Debt (Textual) [Abstract]
Term loan B-1 extended into term loan B-2		86
Term loan B-1 extended into term loan B-3		161
Outstanding letter of credit issued under separate agreement	2
Maximum Borrowing Capacity on revolving basis	200
Outstanding Borrowings	0				311
Facility fee in accordance of current credit rating	1.00%
Account receivable pledged as collateral	285
Debt with current maturities that are classified in Long-term debt	$ 247

XML 38 R30.htm IDEA: XBRL DOCUMENT

Reserves for Closed Properties (Details) (USD $) In Millions	6 Months Ended
	Sep. 10, 2011
Changes in the Company's reserves
Reserves for closed properties at beginning of fiscal year	$ 178
Additions	3
Payments	(29)
Adjustments	9
Reserves for closed properties at end of period	$ 161

- Definition

Amount of any reversal and other adjustment made during the period to the amount of a previously accrued liability for a specified type of restructuring cost, excluding adjustments for costs incurred during the period, costs settled during the period, and foreign currency translation adjustments.

+ References+ Details

XML 39 R18.htm IDEA: XBRL DOCUMENT

Commitments, Contingencies and Off-Balance Sheet Arrangements	6 Months Ended
	Sep. 10, 2011
Commitments, Contingencies and Off-Balance Sheet Arrangements [Abstract]
COMMITMENTS, CONTINGENCIES AND OFF-BALANCE SHEET ARRANGEMENTS	NOTE 10 — COMMITMENTS, CONTINGENCIES AND OFF-BALANCE SHEET ARRANGEMENTS Guarantees The Company has guaranteed certain leases, fixture financing loans and other debt obligations of various retailers as of September 10, 2011. These guarantees were generally made to support the business growth of independent retail customers. The guarantees are generally for the entire terms of the leases or other debt obligations with remaining terms that range from less than one year to 18 years, with a weighted average remaining term of approximately eight years. For each guarantee issued, if the independent retail customer defaults on a payment, the Company would be required to make payments under its guarantee. Generally, the guarantees are secured by indemnification agreements or personal guarantees of the independent retail customer. The Company reviews performance risk related to its guarantees of independent retail customers based on internal measures of credit performance. As of September 10, 2011, the maximum amount of undiscounted payments the Company would be required to make in the event of default of all of these guarantees was $111 and represented $82 on a discounted basis. Based on the indemnification agreements, personal guarantees and results of the reviews of performance risk, the Company believes the likelihood that it will be required to assume a material amount of these obligations is remote. Accordingly, no amount has been recorded in the Condensed Consolidated Balance Sheets for these contingent obligations under the Company’s guarantee arrangements. The Company is contingently liable for leases that have been assigned to various third parties in connection with facility closings and dispositions. The Company could be required to satisfy the obligations under the leases if any of the assignees are unable to fulfill their lease obligations. Due to the wide distribution of the Company’s assignments among third parties, and various other remedies available, the Company believes the likelihood that it will be required to assume a material amount of these obligations is remote. In the ordinary course of business, the Company enters into supply contracts to purchase products for resale. These contracts typically include volume commitments or fixed expiration dates, termination provisions and other standard contractual considerations. As of September 10, 2011, the Company had $769 of non-cancelable future purchase obligations primarily related to supply contracts. The Company is a party to a variety of contractual agreements under which the Company may be obligated to indemnify the other party for certain matters, which indemnities may be secured by operation of law or otherwise, in the ordinary course of business. These contracts primarily relate to the Company’s commercial contracts, operating leases and other real estate contracts, financial agreements, agreements to provide services to the Company and agreements to indemnify officers, directors and employees in the performance of their work. While the Company’s aggregate indemnification obligation could result in a material liability, the Company is not aware of any matters that are expected to result in a material liability. Legal Proceedings The Company is subject to various lawsuits, claims and other legal matters that arise in the ordinary course of conducting business, none of which, in management’s opinion, is expected to have a material adverse effect on the Company’s financial condition, results of operations or cash flows. As previously disclosed in the Company’s Quarterly Report on Form 10-Q for the period ended June 18, 2011, in September 2008, a class action complaint was filed against the Company, as well as International Outsourcing Services, LLC (“IOS”), Inmar, Inc., Carolina Manufacturer’s Services, Inc., Carolina Coupon Clearing, Inc. and Carolina Services, in the United States District Court in the Eastern District of Wisconsin. The plaintiffs in the case are a consumer goods manufacturer, a grocery co-operative and a retailer marketing services company who allege on behalf of a purported class that the Company and the other defendants (i) conspired to restrict the markets for coupon processing services under the Sherman Act and (ii) were part of an illegal enterprise to defraud the plaintiffs under the Federal Racketeer Influenced and Corrupt Organizations Act. The plaintiffs seek monetary damages, attorneys’ fees and injunctive relief. The Company intends to vigorously defend this lawsuit, however all proceedings have been stayed in the case pending the result of the criminal prosecution of certain former officers of IOS. Although this lawsuit is subject to the uncertainties inherent in the litigation process, based on the information presently available to the Company, management does not expect that the ultimate resolution of this lawsuit will have a material adverse effect on the Company’s financial condition, results of operations or cash flows. As previously disclosed in the Company’s Quarterly Report on Form 10-Q for the period ended June 18, 2011, in December 2008, a class action complaint was filed in the United States District Court for the Western District of Wisconsin against the Company alleging that a 2003 transaction between the Company and C&S Wholesale Grocers, Inc. (“C&S”) was a conspiracy to restrain trade and allocate markets. In the 2003 transaction, the Company purchased certain assets of the Fleming Corporation as part of Fleming Corporation’s bankruptcy proceedings and sold certain assets of the Company to C&S which were located in New England. Since December 2008, three other retailers have filed similar complaints in other jurisdictions. The cases have been consolidated and are proceeding in the United States District Court for the District of Minnesota. The complaints allege that the conspiracy was concealed and continued through the use of non-compete and non-solicitation agreements and the closing down of the distribution facilities that the Company and C&S purchased from each other. Plaintiffs are seeking monetary damages, injunctive relief and attorneys’ fees. The Company is vigorously defending these lawsuits. Separately from these civil lawsuits, on September 14, 2009, the United States Federal Trade Commission (“FTC”) issued a subpoena to the Company requesting documents related to the C&S transaction as part of the FTC’s investigation into whether the Company and C&S engaged in unfair methods of competition. The Company cooperated with the FTC. On March 18, 2011, the FTC notified the Company that it had determined that no additional action was warranted by the FTC and that it had closed its investigation. As previously disclosed in the Company’s Quarterly Report on Form 10-Q for the period ended June 18, 2011, on January 7, 2010, the Company received a subpoena from the Office of Inspector General for the Department of Health and Human Services’ Milwaukee Field Office in connection with an investigation of possible false or otherwise improper claims for payment under the Medicaid program. The subpoena requests retail pharmacy claims data for “dual eligible” customers (i.e., customers with both Medicaid and private insurance coverage), information concerning the Company’s retail pharmacy claims processing systems, copies of pharmacy payor contracts and other documents and records. On February 11, 2011, a complaint was filed by the United States Government and the States of California and Minnesota to intervene in a previously sealed qui tam lawsuit in the United States District Court for the Western District of Wisconsin. The complaint alleges that the Company improperly billed Medicaid claims with dual eligibility by charging Medicaid more than the co-pay allowed by the primary payer in seven states. Although this lawsuit is subject to the uncertainties inherent in the litigation process, based on the information presently available to the Company, management does not expect that the ultimate resolution of this lawsuit will have a material adverse effect on the Company’s financial condition, results of operations or cash flows. The Company is also involved in routine legal proceedings incidental to its operations. Some of these routine proceedings involve class allegations, many of which are ultimately dismissed. Management does not expect that the ultimate resolution of these legal proceedings will have a material adverse effect on the Company’s financial condition, results of operations or cash flows. The statements above reflect management’s current expectations based on the information presently available to the Company, however, predicting the outcomes of claims and litigation and estimating related costs and exposures involves substantial uncertainties that could cause actual outcomes, costs and exposures to vary materially from current expectations. In addition, the Company regularly monitors its exposure to the loss contingencies associated with these matters and may from time to time change its predictions with respect to outcomes and its estimates with respect to related costs and exposures and believes recorded reserves are adequate. It is possible, although management believes it is remote, that material differences in actual outcomes, costs and exposures relative to current predictions and estimates, or material changes in such predictions or estimates, could have a material adverse effect on the Company’s financial condition, results of operations or cash flows.

- Definition

The entire disclosure for commitments and contingencies.

+ References

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+ Details

XML 40 R11.htm IDEA: XBRL DOCUMENT

Reserves for Closed Properties

6 Months Ended

Sep. 10, 2011

Reserves for Closed Properties [Abstract]

RESERVES FOR CLOSED PROPERTIES

NOTE 3 — RESERVES FOR CLOSED PROPERTIES

Changes in the Company’s reserves for closed properties consisted of the following:


	September 10,
	2011
Reserves for closed properties at beginning of fiscal year	$	178
Additions		3
Payments		(29	)
Adjustments		9

Reserves for closed properties at end of period	$	161

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Subsequent Events (Details) (USD $)	3 Months Ended
Subsequent Events (Details) (USD $)	Sep. 10, 2011
Subsequent Events (Textual) (Abstract)
Dividends declared per share	$ 0.0875

Goodwill and Intangible Assets (Details) (USD $) In Millions, unless otherwise specified	6 Months Ended									6 Months Ended		6 Months Ended
	Sep. 10, 2011 Fuel_Centers	Sep. 11, 2010	Sep. 10, 2011 Retail food [Member]	Sep. 10, 2011 Accumulated impairment losses [Member]	Sep. 10, 2011 Consolidated Retail Food [Member]	Sep. 10, 2011 Independent Business [Member]	Sep. 10, 2011 Trademarks and Tradenames - Indefinite lived [Member]	Sep. 10, 2011 Favorable operating leases, customer lists, customer relationships and other [Member]	Feb. 26, 2011 Favorable operating leases, customer lists, customer relationships and other [Member]	Sep. 10, 2011 Noncompete Agreements [Member]	Feb. 26, 2011 Noncompete Agreements [Member]	Sep. 10, 2011 Accumulated amortization [Member]	Feb. 26, 2011 Accumulated amortization [Member]
Goodwill:
Goodwill, Beginning Balance	$ 1,984		$ 6,116	$ (4,842)	$ 1,274	$ 710
Additions	0		0	0	0	0
Impairments	0		0	0	0	0
Other net adjustments	(17)		(17)	0	(17)	0
Goodwill, Ending Balance	1,967		6,099	(4,842)	1,257	710
Indefinite-lived, Intangible assets:
Indefinite-lived Intangible Assets, Beginning Balance							780
Additions							0
Impairments							0
Other Net Adjustments							0
Indefinite-lived Intangible Assets, Ending Balance							780
Finite-lived, Intangible assets:
Finite-Lived Intangible Assets, Beginning Balance								663		11
Impairment of Intangible Assets, Finite-lived								0		0
Finite Lived Intangible Assets Other Net Adjustments								(5)		0
Finite-Lived Intangible Assets, Ending Balance								665		12
Intangible assets:
Intangible assets excluding amortization, Beginning Balance	1,454
Addition to finite lived intangible assets	8							7		1
Amortization of Intangible Assets	31	31										(31)
Impairment	0
Intangible assets other adjustments												3
Intangible assets excluding amortization, Ending Balance	1,457
Intangible Assets Other Net Adjustments	(5)
Accumulated amortization												(312)	(284)
Intangible assets, Beginning Balance	1,170
Intangible assets, Ending Balance	1,145
Additional Goodwill and Intangible Assets (Textual) [Abstract]
Finite-Lived Intangible Assets, Accumulated Amortization								307	280	4	4
Goodwill And Intangible Assets (Textual) [Abstract]
Amortization Expense of intangible assets	31	31										(31)
Future amortization expense, Year One	35
Future amortization expense, Year Two	35
Future amortization expense, Year Three	35
Future amortization expense, Year Four	35
Future amortization expense, Year Five	35
Number of fuel centers for sale	107
Reclassification of goodwill	17
Reclassification of property, plant and equipment	$ 76

Condensed Consolidated Balance Sheets (Parenthetical) (USD $) In Millions, except Per Share data	Sep. 10, 2011	Feb. 26, 2011
Stockholders' equity
Common stock, par value	$ 1.00	$ 1.00
Common stock, shares authorized	400	400
Common stock, shares issued	230	230
Treasury stock, shares	18	18

Treasury Stock Purchase Program	6 Months Ended
Treasury Stock Purchase Program	Sep. 10, 2011
Treasury Stock Purchase Program [Abstract]
TREASURY STOCK PURCHASE PROGRAM	NOTE 8 — TREASURY STOCK PURCHASE PROGRAM On June 24, 2010, the Board of Directors of the Company adopted and announced an annual share purchase program authorizing the Company to purchase up to $70 of the Company’s common stock with stock purchases to be made primarily from the cash generated from the settlement of stock options. This annual authorization program replaced the previously existing share purchase program and expired June 30, 2011. The Company did not purchase any shares during the second quarter or year-to-date ended September 10, 2011 under the share purchase program. The Company did not purchase any shares during the second quarter ended September 11, 2010. Prior to the expiration of the annual share purchase program, during the year-to-date ended September 11, 2010, the Company purchased 0.2 shares under a previously existing share purchase program at an average cost of $12.97 per share.

Income Taxes (Details) (USD $) In Millions	6 Months Ended
Income Taxes (Details) (USD $) In Millions	Sep. 10, 2011
Income Taxes (Textual) [Abstract]
Number of months within which company does not anticipate significant change in unrecognized tax benefits	12 months
Tax expense related to prior year	$ 4

Subsequent Events	6 Months Ended
Subsequent Events	Sep. 10, 2011
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 12 — SUBSEQUENT EVENTS On October 18, 2011, the Company announced a regular quarterly dividend of $0.0875 per share. The dividend is payable on December 15, 2011 to stockholders of record as of the close of business on December 1, 2011.

Benefit Plans (Details) (USD $) In Millions	3 Months Ended		6 Months Ended
Benefit Plans (Details) (USD $) In Millions	Sep. 10, 2011	Sep. 11, 2010	Sep. 10, 2011	Sep. 11, 2010
Benefit Plans (Textual) [Abstract]
Contribution to Pension Plans			$ 45
Contribution to other postretirement benefits plan			1
Contribution to Multi-Employer Plans			71	73
Reduction in postretirement benefit obligation			39
Pension Benefits [Member]
Net periodic benefit expense (income) for defined benefit pension plans and other postretirement benefit plans
Service cost	2	2	5	4
Interest cost	32	32	74	74
Expected return on assets	(29)	(28)	(67)	(66)
Amortization of net actuarial loss	21	14	50	35
Net periodic benefit expense	26	20	62	47
Other Postretirement Benefits [Member]
Net periodic benefit expense (income) for defined benefit pension plans and other postretirement benefit plans
Service cost			1	1
Interest cost	2	2	4	4
Amortization of prior service benefit	(1)	(1)	(3)	(3)
Amortization of net actuarial loss	1		2	1
Net periodic benefit expense	$ 2	$ 1	$ 4	$ 3