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SUPERVALU ANNOUNCES 2ND QUARTER RECORD EARNINGS

 SUPERVALU ANNOUNCES 2ND QUARTER RECORD EARNINGS
 MINNEAPOLIS, Sept. 23 /PRNewswire/ -- Supervalu Inc. today announced


record earnings for its second quarter ended Sept. 12, 1992.
 Net earnings for the quarter were $32.2 million, or 45 cents per share versus the $30.8 million, or 41 cents per share earned last year. Sales increased 4 percent to $2.5 billion. After adjusting the previous year's results to reflect the company's disposition of 54 percent of its ownership in ShopKo Stores, Inc., earnings for the quarter would have shown a 12 percent increase.
 For the first two quarters net earnings were $77.9 million on sales of $5.8 billion. Earnings per share were $1.09 versus $.83 last year. Adjusting the previous year's results to reflect the partial ShopKo disposition and the effect of a change in the method of accounting for post retirement health benefits (SFAS No. 106), earnings for the first half would have increased approximately 14 percent.
 "Our strong results are especially pleasing in light of the difficult economic environment," said Mike Wright, Supervalu chairman and CEO.
 The company's food wholesaling business continued to show tonnage gains leading to a sales increase for the quarter of 2 percent. The sales growth and tight expense controls generated a 7 percent increase in operating profit. Wright added that store development programs for the company's independent retailers are tracking slightly ahead of plan.
 Operating profit in the company's retail food businesses increased about 9 percent despite intense competition in certain markets and the opening of two Twin Valu Food stores. At quarter-end, the company operated 44 Cub Foods stores, two Twin Valu supercenters, two Twin Valu Food stores as well as other food stores operating under a variety of names and formats for a total of 104 corporate-owned stores. Supervalu independent retailers operate an additional 45 Cub Foods stores.
 The company also announced that it expects Wetterau proxy statements will be mailed within the next week to Wetterau shareholders for a special shareholder meeting to vote on the previously announced acquisition of Wetterau by Supervalu. The company expects that such a meeting will be held by the end of October.
 SUPERVALU INC. AND SUBSIDIARIES
 Consolidated Statements of Earnings
 (In thousands, except per share data)
 Second Quarter Year-to-Date
 Periods (12 weeks) (28 weeks)
 Ended 9/12/92 9/7/91 9/12/92 9/7/91
 Net sales $2,469,609 $2,380,461 $5,753,863 $5,532,177
 Earnings before income
 taxes and cumulative
 effect of change in
 accounting principle 50,822 48,498 122,820 116,188
 Provision for
 income taxes 18,602 17,713 44,969 40,491
 Earnings before cumulative
 effect of change in
 accounting principle 32,220 30,785 77,851 75,697
 Cumulative effect of
 change in accounting
 principle -- -- -- (13,288)
 Net earnings $ 32,220 $ 30,785 $ 77,851 $ 62,409
 Net earnings per
 common share:
 Earnings per common share
 before cumulative effect
 of change in accounting
 principle $0.45 $0.41 $1.09 $ 1.01
 Cumulative effect of
 change in accounting
 principle -- -- -- (0.18)
 Net earnings per
 common share $0.45 $0.41 $1.09 $ 0.83
 Weighted average number
 of common shares
 outstanding 71,117 75,291 71,379 75,266
 Dividends declared per
 common share $0.195 $0.180 $0.375 $0.345
 Supplemental information:
 After-tax LIFO expense
 (income) $463 $448 $(2,290) $(795)
 -0- 9/23/92
 /CONTACT: Jeff Girard of Supervalu, 612-828-4028/ CO: Supervalu Inc. ST: Minnesota IN: FOD SU: ERN


GK-LR -- NY012 -- 2520 09/23/92 09:53 EDT
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Sep 23, 1992
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