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SUPERVALU REPORTS RECORD FIRST QUARTER EARNINGS AT ANNUAL SHAREHOLDERS MEETING

 SUPERVALU REPORTS RECORD FIRST QUARTER EARNINGS
 AT ANNUAL SHAREHOLDERS MEETING
 MINNEAPOLIS, June 30 /PRNewswire/ -- SUPERVALU Inc. (NYSE: SVU), citing a dramatic improvement in its retail food operations, reported record first quarter earnings at its annual shareholders meeting today.
 Net earnings for the quarter ended June 20, 1992, were $45.6 million on sales of $3.3 billion. Earnings per share were 64 cents versus last year's 42 cents, which was restated for the adoption of a new accounting principle dealing with post retirement health benefits. Adjusting the previous year's results to reflect the company's disposition of 46 percent of its ownership of ShopKo and the effect of the change in the method of accounting for post retirement health benefits, earnings for the quarter would have increased approximately 16 percent.
 SUPERVALU Chairman and CEO Mike Wright said that the strong profit improvement for the quarter reflected positively on the company's strategic move to focus on its core businesses of food distribution and retailing.
 Wright said the company's food wholesaling operations produced a healthy operating profit improvement of nearly 13 percent despite a sluggish selling environment and deflation in the cost of products sold. "We are meeting tonnage objectives and productivity performance in our distribution operations which have enabled us to realize our profit goals," said Wright. He also reported that the development of new stores for the company's independent retailers were on target and ahead of last year's results.
 Wright said he was particularly pleased with the 75 percent operating profit improvement in the company's retail food segment, led by the corporately owned Cub Foods stores and contribution of Scott's, the 13-store Fort Wayne, Ind.-based retail group acquired in November, 1991. Wright confirmed that the previously announced plan to accelerate Cub Foods expansion is essentially on schedule and that new store construction, coupled with plans to remodel 25 percent of existing store space will make Cub Foods "among the most modern food retailing companies in the industry."
 "We're extremely encouraged with our first quarter," said Wright. "The solid improvement in our retail foods performance supports our belief in our ability to be a successful operator of retail stores. At the same time, our growing and prosperous independent retailers demonstrate the ongoing attractiveness of the food wholesaling business."
 In other business at the annual meeting, Herman Cain, Steven D'Agostino, Richard McCormick and Michael Wright were elected to three year terms on the company's board.
 The company also announced an 8.3 percent increase in its quarterly dividend to 78 cents per share annually, the 21st consecutive annual increase. The new dividend will be payable on Sept. 15, 1992, to shareholders of record on Sept. 1, 1992.
 SUPERVALU AND SUBSIDIARIES
 Consolidated Statements of Earnings
 (In thousands, except per share data)
 First Quarter Ended
 (16 Weeks)
 6/20/92 6/15/91
 Net sales $3,284,254 $3,151,716
 Earnings before income
 taxes and cumulative effect
 of change in accounting principle 71,998 67,690
 Provision for income taxes 26,367 22,778
 Earnings before cumulative
 effect of change in
 accounting principle 45,631 44,912
 Cumulative effect of change
 in accounting principle -- (13,288)
 Net earnings $45,631 $31,624
 Net earnings per common share:
 Earnings per common share
 before cumulative effect
 of change in accounting principle $0.64 $0.60
 Cumulative effect of change
 in accounting principle -- (0.18)
 Net earnings per common share $0.64 $0.42
 Weighted average number of
 common shares outstanding 71,575 75,247
 Dividend declared per common share $0.180 $0.165
 Supplemental information: After-tax
 LIFO income $2,753 $1,243
 -0- 6/30/92
 /CONTACT: Jeff Girard of SUPERVALU, 612-828-4028/
 (SVU) CO: SUPERVALU Inc. ST: Minnesota IN: REA SU: ERN


AL -- MN005 -- 5152 06/30/92 11:44 EDT
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Date:Jun 30, 1992
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