8-K

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 17, 2008

SUPERVALU INC.
(Exact name of registrant as specified in its charter)

Delaware	1–5418	41–0617000
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

11840 Valley View Road Eden Prairie, Minnesota	55344
(Address of principal executive offices)	(Zip Code)

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

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02       Results of Operations and Financial Condition.

On April 17, 2008, SUPERVALU INC. issued a News Release announcing its financial results for the year ended February 23, 2008 and affirming its fiscal 2009 earnings per share guidance. A copy of the News Release issued by SUPERVALU INC. in connection with this Item 2.02 is attached as Exhibit 99.1 and incorporated by reference herein.

The information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, regardless of any general incorporation language in such filing.

Item 9.01       Financial Statements and Exhibits.

(d)	Exhibits.
	Exhibit
	Number	Description
	99.1	News Release of SUPERVALU INC., dated April 17, 2008

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated:	April 17, 2008
		SUPERVALU INC.
		By:	/s/ Burt M. Fealing
			Burt M. Fealing
			Vice President, Corporate Secretary and Chief Securities Counsel (Authorized Officer of Registrant)

EXHIBIT INDEX

Exhibit	Description of Exhibit
99.1	News Release of SUPERVALU INC., dated April 17, 2008

EX-99.1

Exhibit 99.1

SUPERVALU Reports Record Sales and Earnings for Fourth Quarter and Fiscal 2008

Achieves Second Consecutive Year of Double Digit Earnings Per Share Growth Following Its Transformational Acquisition

Affirms Fiscal 2009 Guidance

MINNEAPOLIS--(BUSINESS WIRE)--SUPERVALU INC. (NYSE: SVU) today reported record sales and earnings for the fourth quarter of fiscal 2008. The company reported record fourth quarter net sales of $10.4 billion compared to $10.3 billion last year, record net earnings of $156 million, an increase of 30 percent compared to $120 million last year, and record diluted earnings per share of $0.73, an increase of 28 percent compared to $0.57 last year. Fourth quarter fiscal 2008 and fourth quarter fiscal 2007 results included after-tax charges for one-time acquisition-related costs of $9 million and $11 million, respectively, or $0.04 and $0.05 per diluted share, respectively. Fourth quarter diluted earnings per share increased 5 percent to $0.77 compared to $0.73 last year when adjusting for one-time acquisition-related costs in both years and non-cash charges of $23 million after-tax, or $0.11 per diluted share in fiscal 2007 related to the sale of Scott’s Food and Pharmacy.

For fiscal 2008, the company reported record net sales of $44.0 billion, an increase of 18 percent compared to $37.4 billion last year, record net earnings of $593 million, an increase of 31 percent compared to $452 million last year, and record diluted earnings per share of $2.76, an increase of 19 percent compared to $2.32 last year. Fiscal 2008 and fiscal 2007 results included after-tax charges for one-time acquisition-related costs of $45 million and $40 million, respectively, or $0.21 and $0.20 per diluted share, respectively. Full year diluted earnings per share increased 13 percent to $2.97 compared to $2.64 last year when adjusting for one-time acquisition-related costs in both years and non-cash charges of $23 million after-tax or $0.12 per diluted share in fiscal 2007 related to the sale of Scott’s Food and Pharmacy. Fiscal 2008 results include 52 weeks of the acquired operations compared to 38 weeks last year as a result of the June 2, 2006 acquisition of Albertson’s, Inc. (“Albertsons”) premier retail properties.

Jeff Noddle, SUPERVALU chairman and chief executive officer said, “In fiscal 2008, we achieved many important milestones, including record net sales and earnings, $40 million in pretax synergies and a second year of double-digit diluted earnings per share growth following our transformational acquisition. Looking to fiscal 2009, we remain focused on our integration initiatives, including the implementation of key merchandising programs and the continued roll-out of our Premium, Fresh and Healthy remodel program. We are confident the steps we are taking in fiscal 2009 position us well to maximize the future potential of the company.”

Fourth Quarter Results

Fourth quarter retail net sales were $8.1 billion compared to $8.2 billion last year, primarily reflecting the impact of store closures in the acquired operations combined with flat identical store sales. Retail square footage decreased 2.5 percent from the fourth quarter of fiscal 2007 with the previously announced closure of underperforming stores which more than offset new store square footage. When excluding store closures, total retail square footage increased 2.3 percent over the fourth quarter of fiscal 2007.

Fourth quarter supply chain services net sales were $2.3 billion compared to $2.1 billion last year, an increase of 7.2 percent, primarily reflecting new business growth and lower than normal customer attrition.

The company’s business segment mix changed slightly in the fourth quarter this year compared to last year. Retail net sales in the fourth quarter represented 78 percent of total net sales compared to 79 percent last year. Supply chain services net sales increased to 22 percent compared to 21 percent last year.

Gross profit margin in the fourth quarter decreased as a percent of net sales 20 basis points to 23.3 percent. When adjusting for the 30 basis point impact from the business segment mix change, gross profit margin increased by 10 basis points.

Selling and administrative expenses in the fourth quarter as a percent of net sales decreased 50 basis points to 19.3 percent. When adjusting for the 30 basis point impact from the business segment mix change, selling and administrative expenses decreased 20 basis points primarily reflecting lower depreciation expense as well as cycling the prior year charge related to the sale of Scott’s Food and Pharmacy.

Reported operating earnings for the fourth quarter were a record $417 million, or 4.0 percent of sales compared to $379 million, or 3.7 percent of sales last year. Retail food operating earnings were a record $374 million, or 4.6 percent of sales, compared with $363 million, or 4.5 percent of sales last year. Supply chain services operating earnings were a record $75 million, or 3.3 percent of sales, compared with $55 million, or 2.6 percent of sales last year.

Net interest expense for the fourth quarter was $157 million compared to $173 million last year reflecting lower borrowing levels and interest rates.

SUPERVALU’s effective tax rate for the fourth quarter was 40.0 percent in contrast to the 41.9 percent rate in the fourth quarter last year. Excluding the impact in both years of goodwill write-offs in connection with the disposal of assets, the annual effective tax rates for fiscal 2008 and fiscal 2007 were 39.0 percent and 38.6 percent, respectively.

Capital spending for fiscal 2008 was $1.3 billion, including the in-market acquisition of eight stores in Wyoming and approximately $36 million in capital leases. In fiscal 2008, the company completed 141 major remodels, 25 minor remodels and 27 new stores. Capital spending primarily included new retail stores, store remodeling activity and technology expenditures.

Total debt to capital was 60 percent at the end of fiscal 2008 compared to 64 percent at fiscal 2007 year-end. The total debt to capital ratio is calculated as total debt, which includes current and long-term debt and obligations under capital leases, divided by the sum of total debt and total stockholders' equity.

Commenting on debt reduction Noddle added, “Our strong cash flow management has enabled us to significantly reduce debt, beating our goal of $400 million by June 2008. In fact since the acquisition we have achieved $698 million in debt reduction, due in part to lower cash tax payments related to the Albertsons transaction. We are again committing to an additional $400 million reduction for fiscal 2009.”

Diluted weighted-average shares outstanding for the fourth quarter were 213 million shares compared to 211 million shares last year. As of February 23, 2008, SUPERVALU had 212 million shares outstanding.

Fiscal 2009 Guidance

The company affirmed its fiscal 2009 earnings guidance range of $3.06 to $3.22 per diluted share on a GAAP basis and $3.10 to $3.25 on an adjusted basis when excluding one-time acquisition-related costs.

	Diluted Earnings Per Share Summary
	Fiscal 2009	Fiscal 2008
	Guidance	Actual
Diluted earnings per share on a GAAP basis	$3.06 to $3.22	$	2.76
One-time acquisition-related costs	$0.04 to $0.03	$	0.21
Diluted earnings per share before one-time costs	$3.10 to $3.25	$	2.97
Weighted-average diluted shares outstanding (millions)	215 to 217		215

SUPERVALU’s fiscal 2009 guidance includes the following assumptions:

• Net sales are estimated to be approximately $45.0 to $45.5 billion, including an approximate benefit of $800 million from the 53^rd week in the fiscal year;
• Diluted earnings per share will benefit approximately $0.06 from the 53^rd week;
• Identical store sales growth, excluding fuel, is projected to be in the range of 1 to 2 percent;
• Sales attrition in the traditional food distribution business will be approximately 2 to 4 percent for the year. This rate is exclusive of new business and the multi-year migration of Target Corporation volume to self distribution;
• Consumer spending will continue to be pressured by inflation and the economy;
• Capital spending is projected to be approximately $1.3 billion, which will include 165 major store remodels, approximately 15 new traditional supermarkets and 55 to 65 limited assortment stores, including 30 licensed stores;
• Debt reduction is estimated to be $400 million;
• Incremental synergy benefits in fiscal 2009, relating to the Albertsons acquisition, are estimated to be approximately $40 to $50 million pre-tax;
• One-time acquisition-related costs are expected to be approximately $11 to $16 million pre-tax in fiscal 2009; and
• The effective tax rate is estimated to be approximately 39 percent.

A conference call to review the fourth quarter and year results is scheduled for today at 9:00 a.m. (CDT). A live Web cast of the call will be available at http://investor.supervalu.com. An archive of the call is accessible via telephone by dialing (706) 645-9291 with passcode 42840114 and through the company’s Web site at www.supervalu.com. The conference call archive will be available through May 8, 2008.

About SUPERVALU INC

SUPERVALU INC. is one of the largest companies in the United States grocery channel with estimated annual sales of $44 billion. SUPERVALU holds leading market share positions across the U.S. with its approximately 2,475 retail grocery locations. Through SUPERVALU’s nationwide supply chain network, the company provides distribution and related logistics support services to more than 5,000 grocery endpoints across the country. SUPERVALU currently has approximately 192,000 employees. For more information about SUPERVALU visit www.supervalu.com.

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

Except for the historical and factual information contained herein, the matters set forth in this news release, particularly those pertaining to SUPERVALU’s expectations or future operating results, statements as to the progress and expected benefits of the combination of the operations of Albertson’s, Inc. that were acquired in June 2006 with those of SUPERVALU, such as efficiencies, cost savings, synergies, market profile and financial strength, and the competitive ability and position of the combined company, and other statements identified by words such as "estimates," "expects," "projects," "plans," and similar expressions are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including the impact of economic and industry conditions, competition, security and food and drug safety issues, the integration of Albertsons operations, store expansion and remodeling, liquidity, labor relations issues, escalating costs of providing employee benefits, regulatory matters, self insurance, legal and administrative proceedings, information technology, security, severe weather, natural disasters and adverse climate changes continued provision of transition support services and accounting matters and other risk factors relating to our business or industry as detailed from time to time in SUPERVALU's reports filed with the SEC. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, SUPERVALU undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

SUPERVALU INC. and Subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(unaudited)
	Fiscal Quarter Ended				Fiscal Quarter Ended
(In millions, except per share data)	February 23, 2008		% of sales		February 24, 2007		% of sales
Net sales	$	10,386	100.0	%	$	10,300	100.0	%
Cost of sales		7,967	76.7	%		7,875	76.5	%
Gross profit		2,419	23.3	%		2,425	23.5	%
Selling, general and administrative expenses		2,002	19.3	%		2,046	19.8	%
Operating earnings		417	4.0	%		379	3.7	%
Interest expense, net		157	1.5	%		173	1.7	%
Earnings before income taxes		260	2.5	%		206	2.0	%
Income tax expense		104	1.0	%		86	0.8	%
Net earnings	$	156	1.5	%	$	120	1.2	%
Net earnings per common share
Basic	$	0.74			$	0.57
Diluted	$	0.73			$	0.57
Weighted average common shares outstanding
Basic		212				208
Diluted		213				211

SUPERVALU INC. and Subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(unaudited)
	Fiscal Year-to-Date Ended				Fiscal Year-to-Date Ended
(In millions, except per share data)	February 23, 2008		% of sales		February 24, 2007		% of sales
Net sales	$	44,048	100.0	%	$	37,406	100.0	%
Cost of sales		33,943	77.1	%		29,267	78.2	%
Gross profit		10,105	22.9	%		8,139	21.8	%
Selling, general and administrative expenses		8,421	19.1	%		6,834	18.3	%
Operating earnings		1,684	3.8	%		1,305	3.5	%
Interest expense, net		707	1.6	%		558	1.5	%
Earnings before income taxes		977	2.2	%		747	2.0	%
Income tax expense		384	0.9	%		295	0.8	%
Net earnings	$	593	1.3	%	$	452	1.2	%
Net earnings per common share
Basic	$	2.80			$	2.38
Diluted	$	2.76			$	2.32
Weighted average common shares outstanding
Basic		211				189
Diluted		215				196

Note: SUPERVALU's fiscal 2008 year ended February 23, 2008 includes 52 weeks of combined results compared to year ended fiscal 2007 which included 38 weeks of acquired operations

.

SUPERVALU INC. and Subsidiaries
CONSOLIDATED COMPOSITION OF NET SALES AND OPERATING EARNINGS
(unaudited)
	Fiscal Quarter Ended			Fiscal Quarter Ended
(In millions, except per share data)	February 23, 2008			February 24, 2007
Net sales
Retail food and drug	$	8,083		$	8,152
		78	%		79	%
Supply chain services		2,303			2,148
		22	%		21	%
Total net sales	$	10,386		$	10,300
		100.0	%		100.0	%
Operating earnings
Retail food and drug operating earnings	$	374		$	363
Supply chain services operating earnings		75			55
General corporate expenses		32			39
Total operating earnings		417			379
Interest expense, net		157			173
Earnings before income taxes	$	260		$	206
Income tax expense		104			86
Net earnings	$	156		$	120
LIFO charge	$	4		$	-
Depreciation and amortization
Retail food and drug	$	208		$	233
Supply chain services		22			22
Total	$	230		$	255

SUPERVALU INC. and Subsidiaries
CONSOLIDATED COMPOSITION OF NET SALES AND OPERATING EARNINGS
(unaudited)
	Fiscal Year-to-Date			Fiscal Year-to-Date
	Ended			Ended
(In millions, except per share data)	February 23, 2008			February 24, 2007
Net sales
Retail food and drug	$	34,341		$	28,016
		78	%		75	%
Supply chain services		9,707			9,390
		22	%		25	%
Total net sales	$	44,048		$	37,406
		100.0	%		100.0	%
Operating earnings
Retail food and drug operating earnings	$	1,550		$	1,179
Supply chain services operating earnings		274			257
General corporate expenses		140			131
Total operating earnings		1,684			1,305
Interest expense, net		707			558
Earnings before income taxes	$	977		$	747
Income tax expense		384			295
Net earnings	$	593		$	452
LIFO charge	$	30		$	18
Depreciation and amortization
Retail food and drug	$	922		$	783
Supply chain services		95			96
Total depreciation and amortization	$	1,017		$	879

Note: SUPERVALU's fiscal 2008 year ended February 23, 2008 includes 52 weeks of combined results compared to year ended fiscal 2007 which included 38 weeks of acquired operations

.

SUPERVALU INC. and Subsidiaries
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
(unaudited)
	February 23,		February 24,
	2008		2007
ASSETS
Current assets
Cash and cash equivalents	$	243	$	285
Accounts and notes receivable, net		951		957
Inventories		2,776		2,749
Prepaid and other current assets		177		469
Total current assets		4,147		4,460
Land, buildings, leasehold improvements and equipment, net		7,533		8,415
Goodwill		6,957		5,921
Intangibles, net		1,952		2,450
Other assets		473		456
Total assets	$	21,062	$	21,702
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable and accrued liabilities	$	3,354	$	3,548
Current maturities of long-term debt and capital lease obligations		331		286
Other current liabilities		922		871
Total current liabilities		4,607		4,705
Long-term debt and obligations under capital leases		8,502		9,192
Other long-term liabilities and deferred credits		2,000		2,499
Total stockholder's equity		5,953		5,306
Total liabilities and stockholders’ equity	$	21,062	$	21,702

CONTACT:
SUPERVALU INC.
Investors and Financial Media:
David Oliver, 952-828-4540
david.m.oliver@supervalu.com
or
Jean Giese, 952-828-4939
jean.giese@supervalu.com