Consolidated Net Sales Increase 35 percent
to $4.76 billion
Reduced Net Debt by Over $300 Million
Compared to Fiscal 2018 Year-end
Completed Exit of Farm Fresh and
Sale-leaseback of Seven Distribution Centers
Company Will Not Hold Earnings Call Due to
Announced Transaction with United Natural Foods Inc.
SUPERVALU INC. (NYSE: SVU) today reported financial results for
its first quarter ended June 16, 2018.
First Quarter Fiscal 2019 Financial Summary — Continuing
Operations (Compared to First Quarter Fiscal 2018):
- Consolidated net sales of $4.76 billion
increased $1.24 billion, or 35 percent, including $1.34 billion
from Unified Grocers and AG Florida
- Wholesale net sales of $3.81 billion
increased $1.26 billion, or 49 percent
- Retail identical store sales of
positive 0.4 percent
- Net loss of $27 million compared to net
earnings of $9 million last year
- Adjusted net loss of $7 million
compared to adjusted net earnings of $21 million last year
- Adjusted EBITDA of $98 million compared
to Adjusted EBITDA of $118 million last year
- Total outstanding net debt, including
capital leases, of $1.56 billion, a reduction of $305 million since
the end of fiscal 2018
Operational Updates
- Supervalu successfully closed on the
previously announced sale and leaseback of seven owned distribution
centers and received approximately $382 million in aggregate
proceeds, the net proceeds of which were used to reduce outstanding
debt. The sale and leaseback of the eighth distribution center is
expected to close by October 2018 as originally expected.
- Supervalu has completed the exit of its
Farm Fresh banner. Twenty-one stores were sold to Harris Teeter,
Kroger, and Food Lion. Five stores were sold to independent
retailers and will be supplied by Supervalu’s Wholesale business.
The remaining stores were closed.
- Supervalu continues to pursue the sale
of its corporately owned and operated Shop ‘n Save (based in St.
Louis) and Shop ‘n Save East (with stores in West Virginia,
Maryland, Pennsylvania, and Virginia) retail operations.
“A key initiative within our business transformation plan is to
drive sales growth, and our topline sales benefited greatly from
the two acquisitions we completed last year, contributing more than
$1.3 billion in wholesale sales growth this quarter,” said
President and CEO Mark Gross. “Two transformational initiatives
completed this quarter included completing the exit from our Farm
Fresh banner and closing the sale-leaseback transactions for seven
of our distribution centers, both significant accomplishments that
we believe will deliver long-term benefits to the business and our
stockholders.”
Gross continued, “We also accelerated a distribution center
consolidation that led to higher than anticipated operating costs
during the quarter, which we believe are largely behind us. Going
forward, we know that some of the operational initiatives we’re
pursuing will take time to be fully reflected in our financial
results, but this work is fundamentally changing this company for
the better.”
First Quarter Results — Continuing Operations
First quarter net sales were $4.76 billion compared to $3.52
billion for the first quarter last year, an increase of $1.24
billion or 35 percent. Total Wholesale segment net sales increased
49 percent. Retail identical store sales were positive 0.4 percent.
Fees earned under corporate services agreements in the first
quarter were $40 million compared to $55 million for the first
quarter last year.
Gross profit for the first quarter was $428 million or 9.0
percent of net sales. Last year’s first quarter gross profit was
$431 million, or 12.2 percent of net sales. The gross profit rate
decrease compared to last year is primarily due to the change in
business segment mix, with Wholesale representing a larger portion
of total sales and gross profit, and the contribution from Unified
Grocers at a lower gross profit rate.
Selling and administrative expenses in the first quarter were
$428 million and included $11 million in store closure charges and
costs, $9 million of severance costs, $6 million in merger and
integration costs and $1 million in costs related to our holding
company structure reorganization, partially offset by a $4 million
gain on the sale of property. When adjusted for these items,
selling and administrative expenses in the first quarter were $405
million, or 8.5 percent of net sales. Selling and administrative
expenses in last year’s first quarter were $387 million and
included a $9 million legal reserve charge, $4 million of
merger and integration costs and $2 million in severance costs,
partially offset by a gain on sale of property of $2 million. When
adjusted for these items, last year’s first quarter selling and
administrative expenses were $374 million, or 10.6 percent of net
sales. The improvement in our adjusted selling and administrative
expense rate compared to last year was primarily driven by the
change in business segment mix toward Wholesale, partially offset
by higher employee-related costs.
Net interest expense for the first quarter was $49 million and
included $5 million of debt refinancing costs and $3 million of
unamortized financing charges. When adjusted for these items, net
interest expense for the first quarter was $41 million. Net
interest expense in last year’s first quarter was $43 million and
included $3 million of unamortized financing charges and $2 million
of debt refinancing costs. When adjusted for these items, last
year’s first quarter interest expense was $38 million. The increase
in adjusted net interest expense was driven by higher average
outstanding debt balances following the purchase of Unified Grocers
and AG Florida.
Income tax benefit in the first quarter was $10 million,
compared to income tax expense of $11 million in last year’s first
quarter.
Wholesale
First quarter Wholesale net sales were $3.81 billion compared to
$2.56 billion for the first quarter last year, an increase of 49
percent. The net sales increase is primarily due to the sales
contribution from the acquired Unified Grocers and AG Florida
businesses, sales to new customers and sales to new stores operated
by existing customers, partially offset by stores no longer
operated by customers, lower net sales to existing customer stores
and lower military sales.
Wholesale operating earnings in the first quarter were $48
million and included a $4 million gain on the sale of property and
$2 million of income from a severance benefit. When adjusted for
these items, first quarter Wholesale operating earnings were $42
million, or 1.1 percent of net sales. Last year’s first quarter
Wholesale operating earnings were $58 million and included a $9
million legal reserve charge. When adjusted for this item,
Wholesale operating earnings were $67 million, or 2.6 percent of
net sales. The decrease in adjusted Wholesale operating earnings,
as a percent of net sales, was driven by the mix impact from the
acquired Unified Grocers business, which contributed to operating
earnings at a lower percent of net sales, higher allocated
corporate overhead costs, and costs associated with transitioning
volume from a closed distribution center. Operational cost
synergies are expected to increase operating earnings as a percent
of net sales in future periods.
Retail
First quarter Retail net sales were $901 million, compared to
$906 million for the first quarter last year, a decrease of 0.6
percent. Identical store sales were positive 0.4 percent, but were
more than offset by lost sales from closed stores.
Retail operating loss in the first quarter was $20 million and
included $11 million in severance costs and $3 million in store
closure charges and costs. When adjusted for these items, Retail
operating loss in the first quarter was $6 million, or 0.6 percent
of net sales. For last year’s first quarter, Retail operated at
break-even operating earnings. The decrease in adjusted
Retail operating earnings, as a percent of net sales, was
primarily driven by lower sales, higher shrink and other operating
costs.
Corporate
First quarter fees earned under services agreements were $40
million compared to $55 million last year.
Net Corporate operating loss in the first quarter was $28
million and included $8 million in store closure charges and costs,
$6 million in merger and integration costs and $1 million in costs
related to our holding company structure reorganization. When
adjusted for these items, net corporate operating loss in the first
quarter was $13 million. Last year’s first quarter net Corporate
operating loss was $14 million and included $4 million of merger
and integration costs and $2 million of severance costs, partially
offset by a $2 million gain on sale of property. When adjusted for
these items, last year’s net Corporate operating loss was $10
million.
Discontinued Operations
The results of operations, financial position and cash flows
related to the corporately owned and operated retail operations of
Farm Fresh, Shop ‘n Save and Shop ‘n Save East are reported in
discontinued operations for all historical periods.
Cash Flows — Continuing Operations
First quarter net cash flows used in operating activities were
$64 million compared to net cash flows provided by operating
activities of $30 million last year, primarily reflecting cash
utilized for net working capital and other assets and liabilities
to support higher Wholesale sales volumes, a higher cash tax refund
received last year, and lower cash generated from earnings. First
quarter net cash flows provided by investing activities were $315
million compared to net cash flows used in investing activities of
$77 million last year, primarily reflecting proceeds received from
the sale-leaseback of seven distribution centers. First quarter net
cash flows used in financing activities were $318 million, compared
to net cash flows provided by financing activities of $5 million
last year, primarily reflecting the redemption of $220 million of
the 6.75 percent Senior Notes due June 2021, $134 million of
mandatory prepayments on the secured term loan facility and the $26
million pay-off of the Harrisburg, PA distribution center
mortgage.
Conference Call
Due to the announced transaction with United Natural Foods Inc.,
the Company will not hold its previously scheduled quarterly
conference call to review first quarter fiscal 2019 results.
A supplemental presentation is available at
www.supervaluinvestors.com.
About SUPERVALU INC.
SUPERVALU INC. is one of the largest grocery wholesalers and
retailers in the U.S. with annual sales of approximately $15
billion. SUPERVALU serves customers across the United States
through a network of 3,606 stores composed of 3,495 wholesale
primary stores operated by customers serviced by SUPERVALU’s food
distribution business and 111 traditional retail grocery stores in
continuing operations operated under three retail banners in three
geographic regions (store counts as of June 16, 2018).
Headquartered in Minnesota, SUPERVALU has approximately 23,000
employees (in continuing operations). 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, the matters
set forth in this news release and related conference call,
particularly those pertaining to SUPERVALU’s expectations,
guidance, or future operating results, and other statements
identified by words such as “estimates,” “expects,” “projects,”
“plans,” “intends,” “outlook” 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 competition, ability to transform the business and
execute on operations and initiatives, ability to execute and
realize benefits from acquisitions and dispositions, ability to
grow sales, reliance on the wholesale customers’ performance,
failure to perform services, wind down of Supervalu’s relationships
with Albertson’s LLC and New Albertson’s, Inc., ability to maintain
or increase margins or identical store sales, restrictive covenants
from indebtedness, labor relations and employee issues, escalating
costs of providing employee benefits, intrusions to and disruption
of information technology systems, changes in military business,
adequacy of insurance, asset impairment charges, disruption of any
proxy contest, fluctuations in our common stock price, impact of
economic conditions, commodity pricing, severe weather, disruption
to supply chain and distribution network, governmental regulation,
food and drug safety issues, legal proceedings, pharmacy
reimbursement and health care financing, changes in tax laws,
intellectual property protection, and other risk factors relating
to our business or industry as detailed from time to time in
SUPERVALU’s reports filed with the SEC. In addition, risks and
uncertainties related to our holding company structure
reorganization and its impact on our business and financial results
include that we may choose to defer or abandon the reorganization,
we may not obtain the expected benefits of the reorganization and
the amount and timing of any cash tax benefits resulting from the
reorganization may be significantly different than expected. 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
OPERATIONS
(Unaudited)
(In millions, except percent and per
share data)
First Quarter Ended
June 16, 2018(16 weeks)
June 17, 2017(16 weeks)
Net sales $ 4,755 100.0 % $ 3,517 100.0 %
Cost of sales 4,327 91.0 3,086 87.8
Gross profit 428 9.0 431 12.2
Selling and
administrative expenses(1) 428 9.0 387
11.0
Operating earnings — — 44 1.3
Interest
expense, net(1) 49 1.0 43 1.2
Net periodic benefit
income, excluding service costs (12 ) (0.2 ) (17 ) (0.5 )
Equity in earnings of unconsolidated affiliates — —
(2 ) —
(Loss) earnings from continuing operations
before income taxes(1) (37 ) (0.8 ) 20 0.6
Income tax
(benefit) provision (10 ) (0.2 ) 11 0.3
Net
(loss) earnings from continuing operations(1) (27 ) (0.6
) 9 0.2
Income from discontinued operations, net of tax 6
0.1 3 0.1
Net (loss) earnings
including noncontrolling interests (21 ) (0.4 ) 12 0.3
Less
net earnings attributable to noncontrolling interests —
— (1 ) —
Net (loss) earnings attributable to
SUPERVALU INC. $ (21 ) (0.4 )% $ 11 0.3 %
Basic net (loss) earnings per share attributable to SUPERVALU
INC.: Continuing operations
(1) $ (0.70 ) $ 0.21
Discontinued operations $ 0.15 $ 0.08 Basic net (loss) earnings per
share $ (0.55 ) $ 0.30
Diluted net (loss) earnings per share
attributable to SUPERVALU INC.: Continuing operations
(1)
$ (0.70 ) $ 0.21 Discontinued operations $ 0.15 $ 0.08 Diluted net
(loss) earnings per share $ (0.55 ) $ 0.30
Diluted net earnings
per share Basic 38 38 Diluted 38 38
(1)
Results from continuing operations for the
first quarter ended June 16, 2018 include net charges and costs of
$31 before tax ($20 after tax, or $0.53 per diluted share). Refer
to Table 1 for additional information.Results from continuing
operations for the first quarter ended June 17, 2017 include net
charges and costs of $18 before tax ($12 after tax, or $0.30 per
diluted share). Refer to Table 2 for additional information.
SUPERVALU INC. and Subsidiaries
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited)
(In millions, except par value
data)
June 16, 2018
February 24, 2018
ASSETS Current assets Cash and cash equivalents $ 37
$ 41 Receivables, net 632 590 Inventories, net 1,013 981 Other
current assets 135 119 Current assets of discontinued operations 84
130
Total current assets 1,901 1,861
Property, plant and equipment, net 1,048 1,342
Goodwill 775 780
Intangible assets, net 121 131
Deferred tax assets 61 63
Other assets 131 126
Long-term assets of discontinued operations 65 84
Total assets $ 4,102 $ 4,387
LIABILITIES AND STOCKHOLDERS’ EQUITY Current
liabilities Accounts payable $ 1,133 $ 1,139 Accrued vacation,
compensation and benefits 184 187 Current maturities of long-term
debt and capital lease obligations 25 34 Other current liabilities
111 106 Current liabilities of discontinued operations 78 82
Total current liabilities 1,531 1,548
Long-term
debt 1,432 1,724
Long-term capital lease obligations 141
149
Pension and other postretirement benefit obligations 249
265
Long-term tax liabilities 51 44
Other long-term
liabilities 195 133
Long-term liabilities of discontinued
operations 15 17
Commitments and contingencies
Stockholders’ equity Common stock, $0.01 par value: 57
shares authorized; 39 and 38 shares issued, respectively — —
Capital in excess of par value 2,852 2,848 Treasury stock, at cost,
0 and 0 shares, respectively (3 ) (3 ) Accumulated other
comprehensive loss (271 ) (210 ) Accumulated deficit (2,090 )
(2,130 )
Total SUPERVALU INC. stockholders’ equity 488 505
Noncontrolling interests — 2
Total stockholders’
equity 488 507
Total liabilities and
stockholders’ equity $ 4,102 $ 4,387
SUPERVALU INC. and Subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
(Unaudited)
(In millions)
First Quarter Ended
June 16,2018(16
weeks)
June 17,2017(16
weeks)
Cash flows from operating activities Net (loss) earnings
including noncontrolling interest $ (21 ) $ 12 Income from
discontinued operations, net of tax 6 3 Net (loss)
earnings from continuing operations (27 ) 9 Adjustments to
reconcile Net (loss) earnings from continuing operations to Net
cash (used in) provided by operating activities—continuing
operations: Asset impairment and other charges 8 — Loss on debt
extinguishment 7 5 Net gain on sale of assets and exits of surplus
leases (6 ) (4 ) Depreciation and amortization 67 53 LIFO charge 2
1 Deferred income taxes 2 8 Stock-based compensation 6 6 Net
pension and other postretirement income (12 ) (17 ) Contributions
to pension and other postretirement benefit plans (5 ) (1 ) Other
adjustments 3 8 Changes in operating assets and liabilities, net of
effects from business acquisitions (109 ) (38 )
Net cash (used
in) provided by operating activities—continuing operations (64
) 30
Net cash provided by (used in) operating
activities—discontinued operations 6 (38 )
Net cash
used in operating activities (58 ) (8 )
Cash flows from
investing activities Proceeds from sale of assets 385 4
Purchases of property, plant and equipment (70 ) (81 )
Net cash
provided by (used in) investing activities—continuing
operations 315 (77 )
Net cash provided by investing
activities—discontinued operations 57 —
Net
cash provided by (used in) investing activities 372 (77
)
Cash flows from financing activities Proceeds from
revolving credit facility 1,292 49 Payments on revolving credit
facility (1,224 ) (49 ) Proceeds from issuance of debt 10 550
Payments of debt and capital lease obligations (389 ) (532 )
Payments for shares traded for taxes (2 ) (3 ) Payments for debt
financing costs (3 ) (8 ) Distributions to noncontrolling interests
(2 ) (2 )
Net cash (used in) provided by financing
activities—continuing operations (318 ) 5
Net cash (used in)
provided by financing activities—discontinued operations (2 ) —
Net cash (used in) provided by financing activities
(320 ) 5 Net decrease in cash and cash equivalents (6 ) (80
)
Cash and cash equivalents at beginning of period 48
332
Cash and cash equivalents at the end of period $
42 $ 252
Less cash and cash equivalents of discontinued
operations at end of period (5 ) (6 )
Cash and cash
equivalents of continuing operations at end of period $ 37
$ 246
SUPPLEMENTAL CASH FLOW INFORMATION
Supervalu’s non-cash activities were as follows: Purchases of
property, plant and equipment included in Accounts payable $ 17 $
13 Capital lease asset additions $ — $ 1 Interest and income taxes
paid: Interest paid, net of amounts capitalized $ 50 $ 47 Income
taxes (refunded) paid, net $ (1 ) $ 37
SUPERVALU INC. and
Subsidiaries
SUPPLEMENTAL FINANCIAL
INFORMATION
(Unaudited)
Net Sales by Segment
First Quarter Ended (In millions)
June 16,2018(16
weeks)
June 17,2017(16
weeks)
Wholesale $ 3,814 $ 2,556 Retail 901 906 Corporate 40 55
Total net sales $ 4,755 $ 3,517
Non-GAAP Financial Measures
SUPERVALU INC.’s (“Supervalu”) condensed
consolidated financial statements are prepared and presented in
accordance with generally accepted accounting principles (“GAAP”).
The measures and items identified below, and the adjusted Selling
and administrative expenses and adjusted net interest expense, are
provided as a supplement to our condensed consolidated financial
statements and should not be considered an alternative to any GAAP
measure of performance or liquidity. The presentation of these
financial measures and items is not intended to be a substitute for
or be superior to any financial information prepared and presented
in accordance with GAAP. Investors are cautioned that there are
material limitations associated with the use of non-GAAP financial
measures as an analytical tool. Certain adjustments to our GAAP
financial measures exclude certain items that are recurring in
nature and may be reflected in our financial results for the
foreseeable future. These measurements and items may be different
from non-GAAP financial measures used by other companies. All
measurements are provided as a reconciliation from a GAAP
measurement. Management believes the measurements and items
identified below are important measures of business performance
that provide investors with useful supplemental information.
Supervalu utilizes certain non-GAAP measures to analyze underlying
core business trends to understand operating performance. In
addition, management utilizes certain non-GAAP measures as a
compensation performance measure. The items below should be
reviewed in conjunction with Supervalu’s financial results reported
in accordance with GAAP, as reported in Supervalu’s Quarterly
Reports on Form 10-Q and the Annual Report on Form 10-K for the
fiscal year ended February 24, 2018.
RECONCILIATIONS OF (LOSS) EARNINGS FROM CONTINUING
OPERATIONS TO (LOSS) EARNINGS FROM CONTINUING OPERATIONS AFTER
ADJUSTMENTS Table 1 First Quarter Ended June
16, 2018 (In millions, except per share data)
LossBefore Tax
LossAfter Tax
Diluted LossPer Share
Continuing operations $ (37 ) $ (27 ) $ (0.70 ) Adjustments: Store
closure charges and costs 11 8 0.21 Severance costs 9 8 0.20 Merger
and integration costs 6 4 0.11 Debt refinancing costs 5 3 0.08
Unamortized financing charges 3 2 0.06 Holding company
restructuring costs 1 1 0.03 Deferred income tax benefit — (3 )
(0.08 ) Gain on sale of property (4 ) (3 ) (0.08 ) Continuing
operations after adjustments $ (6 ) $ (7 ) $ (0.17 )
Table 2 First Quarter Ended June 17, 2017 (In
millions, except per share data)
EarningsBefore Tax
EarningsAfter Tax
DilutedEarnings
PerShare
Continuing operations $ 20 $ 9 $ 0.21 Adjustments: Legal reserve
charge 9 6 0.15 Merger and integration costs 4 3 0.08 Unamortized
financing charges 3 2 0.05 Debt refinancing costs 2 1 0.03
Severance costs 2 1 0.03 Gain on sale of property (2 ) (1 ) (0.04 )
Continuing operations after adjustments $ 38 $ 21 $
0.51
RECONCILIATIONS OF NET (LOSS) EARNINGS FROM
CONTINUING OPERATIONS TO ADJUSTED EBITDA Table 3
First Quarter Ended (In millions)
June 16,2018(16
weeks)
June 17,2017(16
weeks)
Net (loss) earnings from continuing operations $ (27 ) $ 9 Income
tax (benefit) provision (10 ) 11 Equity in earnings of
unconsolidated affiliates — (2 ) Interest expense, net 49 43 Net
periodic benefit income, excluding service costs (12 ) (17 ) Total
operating earnings $ — $ 44 Add equity in earnings of
unconsolidated affiliates — 2 Less net earnings attributable to
noncontrolling interests — (1 ) Depreciation and amortization 67 53
Stock-based compensation 6 6 LIFO charge 2 1 Store closure charges
and costs 11 — Severance costs 9 2 Merger and integration costs 6 4
Holding company restructuring costs 1 — Legal reserve charge — 9
Gain on sale of property (4 ) (2 ) Adjusted EBITDA(1) $ 98 $
118 (1) Our measure of Adjusted EBITDA
includes operating earnings, as reported, less net earnings
attributable to noncontrolling interests, plus depreciation and
amortization, stock-based compensation, LIFO charge, equity
earnings of unconsolidated affiliates and certain adjustment items
as determined by management.
RECONCILIATION OF OPERATING
EARNINGS FROM CONSOLIDATED SEGMENT FINANCIAL INFORMATION AS
REPORTED TO SUPPLEMENTALLY PROVIDED ADJUSTED EBITDA
Table 4 First Quarter Ended (In millions)
June 16,2018(16
weeks)
June 17,2017(16
weeks)
Reconciliation of segment operating earnings to total operating
earnings, as reported Wholesale operating earnings $ 48 $ 58
Retail operating loss (20 ) — Corporate operating loss (28 ) (14 )
Total operating earnings $ — $ 44
Reconciliation
of segment operating earnings, as reported, to segment Adjusted
EBITDA: Wholesale operating earnings, as reported $ 48 $ 58
Adjustments: Severance costs (2 ) — Gain on sale of property (4 ) —
Legal reserve charge — 9 Wholesale operating
earnings, as adjusted 42 67 Wholesale depreciation and amortization
37 18 LIFO charge 2 1 Wholesale adjusted EBITDA(1) $
81 $ 86 Retail operating (loss) earnings, as
reported $ (20 ) $ — Adjustments: Severance costs 11 — Store
closure charges and costs 3 — Retail operating (loss)
earnings, as adjusted (6 ) — Retail depreciation and amortization
26 31 Equity in earnings of unconsolidated affiliates — 2 Net
earnings attributable to noncontrolling interests — (1 )
Retail adjusted EBITDA(1) $ 20 $ 32 Corporate
operating loss, as reported $ (28 ) $ (14 ) Adjustments: Store
closure charges and costs 8 — Merger and integration costs 6 4
Holding company restructuring costs 1 — Severance costs — 2 Gain on
sale of property — (2 ) Corporate operating loss, as
adjusted (13 ) (10 ) Corporate depreciation and amortization 4 4
Stock-based compensation 6 6 Corporate adjusted
EBITDA(1) $ (3 ) $ — Total adjusted EBITDA(1) $ 98 $
118 (1) Our measure of Adjusted EBITDA
includes operating earnings, as reported, less net earnings
attributable to noncontrolling interests, plus depreciation and
amortization, stock-based compensation, LIFO charge, equity
earnings of unconsolidated affiliates and certain adjustment items
as determined by management.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180726005428/en/
SUPERVALU INC.Investor
ContactSteve Bloomquist,
952-828-4144steve.j.bloomquist@supervalu.comorMedia ContactJeff Swanson,
952-903-1645jeffrey.s.swanson@supervalu.com
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