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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Supervalu Inc. (delisted) | NYSE:SVU | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 32.49 | 0.00 | 01:00:00 |
|
FORM 10-Q
|
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
|
DELAWARE
|
|
41-0617000
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
|
|
|
11840 VALLEY VIEW ROAD
EDEN PRAIRIE, MINNESOTA
|
|
55344
|
(Address of principal executive offices)
|
|
(Zip Code)
|
|
Large accelerated filer
x
|
|
Accelerated filer
¨
|
|
Non-accelerated filer
¨
|
|
Smaller reporting company
¨
|
|
Emerging growth company
¨
|
|
Item
|
|
Page
|
|
|
|
|
|
|
1.
|
|
|
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
2.
|
||
|
|
|
3.
|
||
|
|
|
4.
|
||
|
|
|
|
|
|
|
|
|
1.
|
||
|
|
|
1A.
|
||
|
|
|
2.
|
||
|
|
|
3.
|
||
|
|
|
4.
|
||
|
|
|
5.
|
||
|
|
|
6.
|
||
|
|
|
|
|
Third Quarter Ended
|
|
Year-To-Date Ended
|
||||||||||||
|
December 2,
2017 (12 weeks) |
|
December 3,
2016 (12 weeks) |
|
December 2,
2017 (40 weeks) |
|
December 3,
2016 (40 weeks) |
||||||||
Net sales
|
$
|
3,938
|
|
|
$
|
3,003
|
|
|
$
|
11,742
|
|
|
$
|
9,573
|
|
Cost of sales
|
3,529
|
|
|
2,596
|
|
|
10,354
|
|
|
8,221
|
|
||||
Gross profit
|
409
|
|
|
407
|
|
|
1,388
|
|
|
1,352
|
|
||||
Selling and administrative expenses
|
370
|
|
|
391
|
|
|
1,289
|
|
|
1,189
|
|
||||
Goodwill impairment charge
|
—
|
|
|
15
|
|
|
—
|
|
|
15
|
|
||||
Operating earnings
|
39
|
|
|
1
|
|
|
99
|
|
|
148
|
|
||||
Interest expense, net
|
29
|
|
|
40
|
|
|
103
|
|
|
141
|
|
||||
Equity in earnings of unconsolidated affiliates
|
—
|
|
|
(1
|
)
|
|
(2
|
)
|
|
(3
|
)
|
||||
Earnings (loss) from continuing operations before income taxes
|
10
|
|
|
(38
|
)
|
|
(2
|
)
|
|
10
|
|
||||
Income tax benefit
|
(8
|
)
|
|
(27
|
)
|
|
(7
|
)
|
|
(11
|
)
|
||||
Net earnings (loss) from continuing operations
|
18
|
|
|
(11
|
)
|
|
5
|
|
|
21
|
|
||||
Income (loss) from discontinued operations, net of tax
|
8
|
|
|
(14
|
)
|
|
8
|
|
|
33
|
|
||||
Net earnings (loss) including noncontrolling interests
|
26
|
|
|
(25
|
)
|
|
13
|
|
|
54
|
|
||||
Less net earnings attributable to noncontrolling interests
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
|
(3
|
)
|
||||
Net earnings (loss) attributable to SUPERVALU INC.
|
$
|
26
|
|
|
$
|
(26
|
)
|
|
$
|
12
|
|
|
$
|
51
|
|
|
|
|
|
|
|
|
|
||||||||
Basic net earnings (loss) per share attributable to SUPERVALU INC.:
(1)
|
|||||||||||||||
Continuing operations
|
$
|
0.47
|
|
|
$
|
(0.31
|
)
|
|
$
|
0.12
|
|
|
$
|
0.49
|
|
Discontinued operations
|
$
|
0.21
|
|
|
$
|
(0.39
|
)
|
|
$
|
0.20
|
|
|
$
|
0.85
|
|
Basic net earnings (loss) per share
|
$
|
0.67
|
|
|
$
|
(0.69
|
)
|
|
$
|
0.32
|
|
|
$
|
1.34
|
|
Diluted net earnings (loss) per share attributable to SUPERVALU INC.:
(1)
|
|||||||||||||||
Continuing operations
|
$
|
0.46
|
|
|
$
|
(0.31
|
)
|
|
$
|
0.12
|
|
|
$
|
0.48
|
|
Discontinued operations
|
$
|
0.21
|
|
|
$
|
(0.39
|
)
|
|
$
|
0.20
|
|
|
$
|
0.84
|
|
Diluted net earnings (loss) per share
|
$
|
0.67
|
|
|
$
|
(0.69
|
)
|
|
$
|
0.31
|
|
|
$
|
1.33
|
|
Weighted average number of shares outstanding:
(1)
|
|
|
|
|
|
|
|
||||||||
Basic
|
38
|
|
|
38
|
|
|
38
|
|
|
38
|
|
||||
Diluted
|
38
|
|
|
38
|
|
|
38
|
|
|
38
|
|
(1)
|
Per share and shares outstanding figures have been restated to give effect to the 1-for-7 reverse stock split effective on August 1, 2017. Refer to
Note 8—Net Earnings (Loss) Per Share
for additional information regarding the reverse stock split.
|
|
Third Quarter Ended
|
|
Year-To-Date Ended
|
||||||||||||
|
December 2,
2017 (12 weeks) |
|
December 3,
2016 (12 weeks) |
|
December 2,
2017 (40 weeks) |
|
December 3,
2016 (40 weeks) |
||||||||
Net earnings (loss) including noncontrolling interests
|
$
|
26
|
|
|
$
|
(25
|
)
|
|
$
|
13
|
|
|
$
|
54
|
|
Other comprehensive income:
|
|
|
|
|
|
|
|
||||||||
Recognition of pension and other postretirement benefit obligations
(1)
|
(1
|
)
|
|
102
|
|
|
(2
|
)
|
|
113
|
|
||||
Recognition of interest rate swap cash flow hedge
(2)
|
1
|
|
|
2
|
|
|
2
|
|
|
2
|
|
||||
Total other comprehensive income
|
—
|
|
|
104
|
|
|
—
|
|
|
115
|
|
||||
Comprehensive income including noncontrolling interests
|
26
|
|
|
79
|
|
|
13
|
|
|
169
|
|
||||
Less comprehensive income attributable to noncontrolling interests
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
|
(3
|
)
|
||||
Comprehensive income attributable to SUPERVALU INC.
|
$
|
26
|
|
|
$
|
78
|
|
|
$
|
12
|
|
|
$
|
166
|
|
(1)
|
Amounts are net of tax expense (benefit) of
$0
,
$49
,
$(1)
and
$55
for the
third
quarters of fiscal
2018
and
2017
, and for fiscal
2018
and
2017
year-to-date, respectively.
|
(2)
|
Amounts are net of tax expense of
$0
,
$1
,
$1
and
$1
for the
third
quarters of fiscal
2018
and
2017
, and for fiscal
2018
and
2017
year-to-date, respectively.
|
|
December 2, 2017
|
|
February 25, 2017
|
||||
ASSETS
|
|
|
|
||||
Current assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
46
|
|
|
$
|
332
|
|
Receivables, net
|
581
|
|
|
386
|
|
||
Inventories, net
|
1,265
|
|
|
764
|
|
||
Other current assets
|
133
|
|
|
59
|
|
||
Total current assets
|
2,025
|
|
|
1,541
|
|
||
Property, plant and equipment, net
|
1,319
|
|
|
1,004
|
|
||
Goodwill
|
739
|
|
|
710
|
|
||
Intangible assets, net
|
83
|
|
|
39
|
|
||
Deferred tax assets
|
156
|
|
|
165
|
|
||
Other assets
|
145
|
|
|
121
|
|
||
Total assets
|
$
|
4,467
|
|
|
$
|
3,580
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
Current liabilities
|
|
|
|
||||
Accounts payable
|
$
|
1,261
|
|
|
$
|
881
|
|
Accrued vacation, compensation and benefits
|
222
|
|
|
150
|
|
||
Current maturities of long-term debt and capital lease obligations
|
34
|
|
|
26
|
|
||
Other current liabilities
|
117
|
|
|
172
|
|
||
Total current liabilities
|
1,634
|
|
|
1,229
|
|
||
Long-term debt
|
1,700
|
|
|
1,263
|
|
||
Long-term capital lease obligations
|
172
|
|
|
186
|
|
||
Pension and other postretirement benefit obligations
|
383
|
|
|
322
|
|
||
Long-term tax liabilities
|
42
|
|
|
63
|
|
||
Other long-term liabilities
|
133
|
|
|
134
|
|
||
Commitments and contingencies
|
|
|
|
||||
Stockholders’ equity
(1)
|
|
|
|
||||
Common stock, $0.01 par value: 57 shares authorized; 38 and 38 shares issued, respectively
|
—
|
|
|
—
|
|
||
Capital in excess of par value
|
2,844
|
|
|
2,831
|
|
||
Treasury stock, at cost, 0 and 0 shares, respectively
|
(3
|
)
|
|
(2
|
)
|
||
Accumulated other comprehensive loss
|
(278
|
)
|
|
(278
|
)
|
||
Accumulated deficit
|
(2,163
|
)
|
|
(2,175
|
)
|
||
Total SUPERVALU INC. stockholders’ equity
|
400
|
|
|
376
|
|
||
Noncontrolling interests
|
3
|
|
|
7
|
|
||
Total stockholders’ equity
|
403
|
|
|
383
|
|
||
Total liabilities and stockholders’ equity
|
$
|
4,467
|
|
|
$
|
3,580
|
|
(1)
|
Per share and shares outstanding figures have been restated to give effect to the 1-for-7 reverse stock split effective on August 1, 2017. Refer to
Note 8—Net Earnings (Loss) Per Share
for additional information regarding the reverse stock split.
|
|
Common
Stock
|
|
Capital in Excess of Par Value
|
|
Treasury
Stock
|
|
Accumulated
Other
Comprehensive
Loss
|
|
Accumulated
Deficit
|
|
SUPERVALU INC.
Stockholders’
Equity
|
|
Non-controlling
Interests
|
|
Total
Stockholders’
Equity
|
||||||||||||||||
Balances as of February 27, 2016
|
$
|
—
|
|
|
$
|
2,811
|
|
|
$
|
(5
|
)
|
|
$
|
(422
|
)
|
|
$
|
(2,825
|
)
|
|
$
|
(441
|
)
|
|
$
|
8
|
|
|
$
|
(433
|
)
|
Net earnings
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
51
|
|
|
51
|
|
|
3
|
|
|
54
|
|
||||||||
Other comprehensive income, net of tax of $56
|
—
|
|
|
—
|
|
|
—
|
|
|
115
|
|
|
—
|
|
|
115
|
|
|
—
|
|
|
115
|
|
||||||||
Sales of common stock under option plans
|
—
|
|
|
(3
|
)
|
|
6
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
3
|
|
||||||||
Stock-based compensation
|
—
|
|
|
16
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16
|
|
|
—
|
|
|
16
|
|
||||||||
Restricted stock issued and vested
|
—
|
|
|
(5
|
)
|
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Restricted stock forfeitures
|
—
|
|
|
4
|
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Distributions to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
|
(6
|
)
|
||||||||
Tax impact on stock-based awards, shares traded for taxes and other
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
||||||||
Balances as of December 3, 2016
|
$
|
—
|
|
|
$
|
2,823
|
|
|
$
|
—
|
|
|
$
|
(307
|
)
|
|
$
|
(2,774
|
)
|
|
$
|
(258
|
)
|
|
$
|
5
|
|
|
$
|
(253
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Balances as of February 25, 2017
|
$
|
—
|
|
|
$
|
2,831
|
|
|
$
|
(2
|
)
|
|
$
|
(278
|
)
|
|
$
|
(2,175
|
)
|
|
$
|
376
|
|
|
$
|
7
|
|
|
$
|
383
|
|
Net earnings
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|
12
|
|
|
1
|
|
|
13
|
|
||||||||
Other comprehensive income, net of tax of $0
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Stock-based compensation
|
—
|
|
|
15
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15
|
|
|
—
|
|
|
15
|
|
||||||||
Restricted stock issued and vested
|
—
|
|
|
(1
|
)
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Restricted stock forfeitures
|
—
|
|
|
1
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Distributions to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
(3
|
)
|
||||||||
Acquisition of noncontrolling interests
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
(2
|
)
|
|
(5
|
)
|
||||||||
Shares traded for taxes and other
|
—
|
|
|
1
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Balances as of December 2, 2017
|
$
|
—
|
|
|
$
|
2,844
|
|
|
$
|
(3
|
)
|
|
$
|
(278
|
)
|
|
$
|
(2,163
|
)
|
|
$
|
400
|
|
|
$
|
3
|
|
|
$
|
403
|
|
|
Year-To-Date Ended
|
||||||
|
December 2,
2017 (40 weeks) |
|
December 3,
2016 (40 weeks) |
||||
Cash flows from operating activities
|
|
|
|
||||
Net earnings including noncontrolling interests
|
$
|
13
|
|
|
$
|
54
|
|
Income from discontinued operations, net of tax
|
8
|
|
|
33
|
|
||
Net earnings from continuing operations
|
5
|
|
|
21
|
|
||
Adjustments to reconcile Net earnings from continuing operations to Net cash (used in) provided by operating activities – continuing operations:
|
|
|
|
||||
Goodwill impairment charge
|
—
|
|
|
15
|
|
||
Asset impairment and other charges
|
44
|
|
|
4
|
|
||
Loss on debt extinguishment
|
5
|
|
|
7
|
|
||
Net gain on sale of assets and exits of surplus leases
|
(4
|
)
|
|
(1
|
)
|
||
Depreciation and amortization
|
160
|
|
|
159
|
|
||
LIFO charge
|
4
|
|
|
3
|
|
||
Deferred income taxes
|
8
|
|
|
5
|
|
||
Stock-based compensation
|
15
|
|
|
13
|
|
||
Net pension and other postretirement benefit (income) expense
|
(42
|
)
|
|
23
|
|
||
Contributions to pension and other postretirement benefit plans
|
(2
|
)
|
|
(2
|
)
|
||
Other adjustments
|
8
|
|
|
6
|
|
||
Changes in operating assets and liabilities, net of effects from business acquisitions
|
(245
|
)
|
|
(103
|
)
|
||
Net cash (used in) provided by operating activities – continuing operations
|
(44
|
)
|
|
150
|
|
||
Net cash (used in) provided by operating activities – discontinued operations
|
(54
|
)
|
|
69
|
|
||
Net cash (used in) provided by operating activities
|
(98
|
)
|
|
219
|
|
||
Cash flows from investing activities
|
|
|
|
||||
Proceeds from sale of assets
|
5
|
|
|
2
|
|
||
Purchases of property, plant and equipment
|
(234
|
)
|
|
(118
|
)
|
||
Payments for business acquisitions
|
(105
|
)
|
|
(20
|
)
|
||
Other
|
6
|
|
|
(1
|
)
|
||
Net cash used in investing activities – continuing operations
|
(328
|
)
|
|
(137
|
)
|
||
Net cash provided by (used in) investing activities – discontinued operations
|
3
|
|
|
(65
|
)
|
||
Net cash used in investing activities
|
(325
|
)
|
|
(202
|
)
|
||
Cash flows from financing activities
|
|
|
|
||||
Proceeds from revolving credit facility
|
540
|
|
|
2,837
|
|
||
Payments on revolving credit facility
|
(430
|
)
|
|
(2,715
|
)
|
||
Proceeds from issuance of debt
|
878
|
|
|
—
|
|
||
Payments of debt and capital lease obligations
|
(834
|
)
|
|
(121
|
)
|
||
Proceeds from sale of common stock
|
—
|
|
|
3
|
|
||
Payments for shares traded for taxes
|
(3
|
)
|
|
(2
|
)
|
||
Payments for debt financing costs
|
(10
|
)
|
|
(6
|
)
|
||
Distributions to noncontrolling interests
|
(3
|
)
|
|
(6
|
)
|
||
Other
|
(1
|
)
|
|
—
|
|
||
Net cash provided by (used in) financing activities
|
137
|
|
|
(10
|
)
|
||
Net (decrease) increase in cash and cash equivalents
|
(286
|
)
|
|
7
|
|
||
Cash and cash equivalents at beginning of period
|
332
|
|
|
57
|
|
||
Cash and cash equivalents at the end of period
|
$
|
46
|
|
|
$
|
64
|
|
Less cash and cash equivalents of discontinued operations at end of period
|
—
|
|
|
(17
|
)
|
||
Cash and cash equivalents of continuing operations at end of period
|
$
|
46
|
|
|
$
|
47
|
|
SUPPLEMENTAL CASH FLOW INFORMATION
|
|||||||
Non-cash investing and financing activities were as follows:
|
|
|
|
||||
Purchases of property, plant and equipment included in Accounts payable
|
$
|
25
|
|
|
$
|
25
|
|
Capital lease asset additions
|
$
|
1
|
|
|
$
|
15
|
|
Interest and income taxes paid:
|
|
|
|
||||
Interest paid, net of amounts capitalized
|
$
|
111
|
|
|
$
|
136
|
|
Income taxes paid, net
|
$
|
49
|
|
|
$
|
12
|
|
|
Amounts as of the Acquisition Date
|
||
Cash and cash equivalents
|
$
|
9
|
|
Accounts receivable
|
176
|
|
|
Inventories
|
237
|
|
|
Other current assets
|
31
|
|
|
Property, plant and equipment
|
285
|
|
|
Goodwill
|
29
|
|
|
Intangible assets
|
54
|
|
|
Deferred tax assets
|
(19
|
)
|
|
Other assets
|
65
|
|
|
Accounts payable
|
(255
|
)
|
|
Other current liabilities
|
(89
|
)
|
|
Long-term debt and capital lease obligations
|
(270
|
)
|
|
Pension and other postretirement benefit obligations
|
(103
|
)
|
|
Other liabilities assumed
|
(36
|
)
|
|
Total fair value of net assets acquired
|
114
|
|
|
Less cash acquired
|
(9
|
)
|
|
Total consideration for acquisition, less cash acquired
|
$
|
105
|
|
|
Third Quarter Ended
|
|
Year-To-Date Ended
|
||||||||
|
December 3,
2016 (12 weeks) (1) |
|
December 2,
2017 (40 weeks) |
|
December 3,
2016 (40 weeks) (1) |
||||||
Net sales
|
$
|
3,906
|
|
|
$
|
12,972
|
|
|
$
|
12,509
|
|
Net (loss) earnings from continuing operations attributable to SUPERVALU INC.
|
$
|
(11
|
)
|
|
$
|
6
|
|
|
$
|
13
|
|
Basic net (loss) earnings from continuing operations per share attributable to SUPERVALU INC.
|
$
|
(0.30
|
)
|
|
$
|
0.15
|
|
|
$
|
0.33
|
|
Diluted net (loss) earnings from continuing operations per share attributable to SUPERVALU INC.
|
$
|
(0.30
|
)
|
|
$
|
0.15
|
|
|
$
|
0.33
|
|
(1)
|
The unaudited pro forma financial information of Unified included in these results reflects the 12 and 40 week fiscal periods ended November 19, 2016.
|
|
December 2,
2017 (40 weeks) |
||
Reserves for closed properties at beginning of the fiscal year
|
$
|
22
|
|
Additions
|
2
|
|
|
Payments
|
(6
|
)
|
|
Adjustments
|
(1
|
)
|
|
Reserves for closed properties at the end of period
|
$
|
17
|
|
|
Third Quarter Ended
|
|
Year-To-Date Ended
|
||||||||||||
|
December 2,
2017 (12 weeks) |
|
December 3,
2016 (12 weeks) |
|
December 2,
2017 (40 weeks) |
|
December 3,
2016 (40 weeks) |
||||||||
Property, plant and equipment:
|
|
|
|
|
|
|
|
||||||||
Carrying value
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
100
|
|
|
$
|
4
|
|
Fair value measured using Level 3 inputs
|
—
|
|
|
—
|
|
|
56
|
|
|
2
|
|
||||
Impairment charge
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
44
|
|
|
$
|
2
|
|
|
February 25,
2017 |
|
Additions
|
|
Impairments
|
|
Other net
adjustments
|
|
December 2,
2017 |
||||||||||
Wholesale goodwill
|
$
|
710
|
|
|
$
|
29
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
739
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Intangible assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Customer lists, favorable operating leases, prescription files and other
|
$
|
141
|
|
|
$
|
54
|
|
|
$
|
—
|
|
|
$
|
(2
|
)
|
|
$
|
193
|
|
Trademarks and tradenames – indefinite useful lives
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|||||
Total intangible assets
|
146
|
|
|
54
|
|
|
—
|
|
|
(2
|
)
|
|
198
|
|
|||||
Accumulated amortization
|
(107
|
)
|
|
(10
|
)
|
|
—
|
|
|
2
|
|
|
(115
|
)
|
|||||
Total intangible assets, net
|
$
|
39
|
|
|
|
|
|
|
|
|
$
|
83
|
|
|
|
|
December 2, 2017
|
||||||||||||||
|
Balance Sheet Location
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
||||||||
Deferred compensation
|
Other assets
|
|
$
|
4
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4
|
|
Total
|
|
|
$
|
4
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||
Interest rate swap derivative
|
Other current liabilities
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
1
|
|
Interest rate swap derivative
|
Other long-term liabilities
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
|
|
February 25, 2017
|
||||||||||||||
|
Balance Sheet Location
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
||||||||
Deferred compensation
|
Other assets
|
|
$
|
5
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5
|
|
Total
|
|
|
$
|
5
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||
Interest rate swap derivative
|
Other current liabilities
|
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
2
|
|
Interest rate swap derivative
|
Other long-term liabilities
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
||||
Total
|
|
|
$
|
—
|
|
|
$
|
3
|
|
|
$
|
—
|
|
|
$
|
3
|
|
|
December 2,
2017 |
|
February 25,
2017 |
||||
4.85% Secured Term Loan Facility due June 2024
|
$
|
836
|
|
|
$
|
—
|
|
5.54% Secured Term Loan Facility due March 2019
|
—
|
|
|
524
|
|
||
6.75% Senior Notes due June 2021
|
400
|
|
|
400
|
|
||
7.75% Senior Notes due November 2022
|
350
|
|
|
350
|
|
||
2.50% to 4.50% Revolving ABL Credit Facility due February 2021
|
110
|
|
|
—
|
|
||
Other
|
40
|
|
|
—
|
|
||
Debt financing costs, net
|
(25
|
)
|
|
(10
|
)
|
||
Original issue discount on debt
|
(3
|
)
|
|
(1
|
)
|
||
Total debt
|
1,708
|
|
|
1,263
|
|
||
Less current maturities of long-term debt
|
(8
|
)
|
|
—
|
|
||
Long-term debt
|
$
|
1,700
|
|
|
$
|
1,263
|
|
Assets securing the Revolving ABL Credit Facility
(1)
:
|
|
December 2, 2017
|
|
February 25, 2017
|
||||
Certain inventory assets included in Inventories, net
|
|
$
|
1,462
|
|
|
$
|
949
|
|
Certain receivables included in Receivables, net
|
|
393
|
|
|
228
|
|
||
Certain amounts included in Cash and cash equivalents
|
|
21
|
|
|
19
|
|
(1)
|
The Revolving ABL Credit Facility is also secured by all of Supervalu's pharmacy scripts included in Intangible assets, net.
|
Unused available credit and fees under the Revolving ABL Credit Facility:
|
|
December 2, 2017
|
|
February 25, 2017
|
||||
Outstanding letters of credit
|
|
$
|
55
|
|
|
$
|
53
|
|
Letters of credit fees
|
|
1.375
|
%
|
|
1.375
|
%
|
||
Unused available credit
|
|
835
|
|
|
748
|
|
||
Unused facility fees
|
|
0.25
|
%
|
|
0.25
|
%
|
|
Third Quarter Ended
|
||||||||||||||
Pension Benefits
|
|
Other Postretirement Benefits
|
|||||||||||||
December 2,
2017 (12 weeks) |
|
December 3,
2016 (12 weeks) |
|
December 2,
2017 (12 weeks) |
|
December 3,
2016 (12 weeks) |
|||||||||
Interest cost
|
$
|
20
|
|
|
$
|
20
|
|
|
$
|
1
|
|
|
$
|
—
|
|
Expected return on assets
|
(33
|
)
|
|
(33
|
)
|
|
—
|
|
|
—
|
|
||||
Amortization of prior service benefit
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
(2
|
)
|
||||
Amortization of net actuarial loss
|
3
|
|
|
10
|
|
|
—
|
|
|
—
|
|
||||
Pension settlement charge
|
—
|
|
|
41
|
|
|
—
|
|
|
—
|
|
||||
Net periodic benefit (income) expense
|
$
|
(10
|
)
|
|
$
|
38
|
|
|
$
|
(3
|
)
|
|
$
|
(2
|
)
|
Contributions to benefit plans
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(1
|
)
|
|
$
|
—
|
|
|
Year-To-Date Ended
|
||||||||||||||
Pension Benefits
|
|
Other Postretirement Benefits
|
|||||||||||||
December 2,
2017 (40 weeks) |
|
December 3,
2016 (40 weeks) |
|
December 2,
2017 (40 weeks) |
|
December 3,
2016 (40 weeks) |
|||||||||
Interest cost
|
$
|
64
|
|
|
$
|
66
|
|
|
$
|
2
|
|
|
$
|
1
|
|
Expected return on assets
|
(106
|
)
|
|
(110
|
)
|
|
—
|
|
|
—
|
|
||||
Amortization of prior service benefit
|
—
|
|
|
—
|
|
|
(12
|
)
|
|
(10
|
)
|
||||
Amortization of net actuarial loss
|
9
|
|
|
34
|
|
|
1
|
|
|
1
|
|
||||
Pension settlement charge
|
—
|
|
|
41
|
|
|
—
|
|
|
—
|
|
||||
Net periodic benefit (income) expense
|
$
|
(33
|
)
|
|
$
|
31
|
|
|
$
|
(9
|
)
|
|
$
|
(8
|
)
|
Contributions to benefit plans
|
$
|
(1
|
)
|
|
$
|
(2
|
)
|
|
$
|
(1
|
)
|
|
$
|
—
|
|
|
Third Quarter Ended
|
|
Year-To-Date Ended
|
||||||||||||
|
December 2,
2017 (12 weeks) |
|
December 3,
2016 (12 weeks) |
|
December 2,
2017 (40 weeks) |
|
December 3,
2016 (40 weeks) |
||||||||
Net earnings (loss) from continuing operations
|
$
|
18
|
|
|
$
|
(11
|
)
|
|
$
|
5
|
|
|
$
|
21
|
|
Less net earnings attributable to noncontrolling interests
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
|
(3
|
)
|
||||
Net earnings (loss) from continuing operations attributable to SUPERVALU INC.
|
18
|
|
|
(12
|
)
|
|
4
|
|
|
18
|
|
||||
Income (loss) from discontinued operations, net of tax
|
8
|
|
|
(14
|
)
|
|
8
|
|
|
33
|
|
||||
Net earnings (loss) attributable to SUPERVALU INC.
|
$
|
26
|
|
|
$
|
(26
|
)
|
|
$
|
12
|
|
|
$
|
51
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average number of shares outstanding—basic
|
38
|
|
|
38
|
|
|
38
|
|
|
38
|
|
||||
Dilutive impact of stock-based awards
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Weighted average number of shares outstanding—diluted
|
38
|
|
|
38
|
|
|
38
|
|
|
38
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Basic net earnings (loss) per share attributable to SUPERVALU INC.:
|
|||||||||||||||
Continuing operations
|
$
|
0.47
|
|
|
$
|
(0.31
|
)
|
|
$
|
0.12
|
|
|
$
|
0.49
|
|
Discontinued operations
|
$
|
0.21
|
|
|
$
|
(0.39
|
)
|
|
$
|
0.20
|
|
|
$
|
0.85
|
|
Basic net earnings (loss) per share
|
$
|
0.67
|
|
|
$
|
(0.69
|
)
|
|
$
|
0.32
|
|
|
$
|
1.34
|
|
Diluted net earnings (loss) per share attributable to SUPERVALU INC.:
|
|||||||||||||||
Continuing operations
|
$
|
0.46
|
|
|
$
|
(0.31
|
)
|
|
$
|
0.12
|
|
|
$
|
0.48
|
|
Discontinued operations
|
$
|
0.21
|
|
|
$
|
(0.39
|
)
|
|
$
|
0.20
|
|
|
$
|
0.84
|
|
Diluted net earnings (loss) per share
|
$
|
0.67
|
|
|
$
|
(0.69
|
)
|
|
$
|
0.31
|
|
|
$
|
1.33
|
|
|
Benefit Plans
|
|
Interest Rate Swap
|
|
Total
|
||||||
Accumulated other comprehensive loss at beginning of the fiscal year, net of tax
|
$
|
(276
|
)
|
|
$
|
(2
|
)
|
|
$
|
(278
|
)
|
Other comprehensive income (loss) before reclassifications
(1)
|
—
|
|
|
—
|
|
|
—
|
|
|||
Amortization of amounts included in net periodic benefit income
(2)
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
|||
Amortization of cash flow hedge
(3)
|
—
|
|
|
2
|
|
|
2
|
|
|||
Net current-period Other comprehensive (loss) income
(4)
|
(2
|
)
|
|
2
|
|
|
—
|
|
|||
Accumulated other comprehensive loss at the end of period, net of tax
|
$
|
(278
|
)
|
|
$
|
—
|
|
|
$
|
(278
|
)
|
|
Benefit Plans
|
|
Interest Rate Swap
|
|
Total
|
||||||
Accumulated other comprehensive loss at beginning of the fiscal year, net of tax
|
$
|
(418
|
)
|
|
$
|
(4
|
)
|
|
$
|
(422
|
)
|
Other comprehensive loss before reclassifications
(1)
|
69
|
|
|
—
|
|
|
69
|
|
|||
Amortization of amounts included in net periodic benefit expense
(2)
|
15
|
|
|
—
|
|
|
15
|
|
|||
Amortization of cash flow hedge
(3)
|
—
|
|
|
2
|
|
|
2
|
|
|||
Pension settlement charge
(4)
|
29
|
|
|
—
|
|
|
29
|
|
|||
Net current-period Other comprehensive income
(5)
|
113
|
|
|
2
|
|
|
115
|
|
|||
Accumulated other comprehensive loss at the end of period, net of tax
|
$
|
(305
|
)
|
|
$
|
(2
|
)
|
|
$
|
(307
|
)
|
|
Third Quarter Ended
|
|
Year-To-Date Ended
|
|
|
||||||||||||
|
December 2,
2017 (12 weeks) |
|
December 3,
2016 (12 weeks) |
|
December 2,
2017 (40 weeks) |
|
December 3,
2016 (40 weeks) |
|
Affected Line Item on Condensed Consolidated Statements of Operations
|
||||||||
Pension and postretirement benefit plan obligations:
|
|
|
|
|
|
|
|
|
|
||||||||
Amortization of amounts included in net periodic benefit (income) expense
(1)
|
$
|
(1
|
)
|
|
$
|
7
|
|
|
$
|
(3
|
)
|
|
$
|
23
|
|
|
Selling and administrative expenses
|
Amortization of amounts included in net periodic benefit (income) expense
(1)
|
—
|
|
|
1
|
|
|
—
|
|
|
2
|
|
|
Cost of sales
|
||||
Pension settlement charge
|
—
|
|
|
41
|
|
|
—
|
|
|
41
|
|
|
Selling and administrative expenses
|
||||
Total reclassifications
|
(1
|
)
|
|
49
|
|
|
(3
|
)
|
|
66
|
|
|
|
||||
Income tax (benefit) expense
|
—
|
|
|
(16
|
)
|
|
1
|
|
|
(22
|
)
|
|
Income tax benefit
|
||||
Total reclassifications, net of tax
|
$
|
(1
|
)
|
|
$
|
33
|
|
|
$
|
(2
|
)
|
|
$
|
44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest rate swap cash flow hedge:
|
|
|
|
|
|
|
|
|
|
||||||||
Reclassification of cash flow hedge
|
$
|
1
|
|
|
$
|
2
|
|
|
$
|
3
|
|
|
$
|
3
|
|
|
Interest expense, net
|
Income tax benefit
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|
Income tax benefit
|
||||
Total reclassifications, net of tax
|
$
|
1
|
|
|
$
|
1
|
|
|
$
|
2
|
|
|
$
|
2
|
|
|
|
(1)
|
Amortization of amounts included in net periodic benefit income include amortization of prior service benefit and amortization of net actuarial loss as reflected in
Note 7—Benefit Plans
.
|
|
Year-To-Date Ended
|
||||
|
December 2,
2017 (40 weeks) |
|
December 3,
2016 (40 weeks) |
||
Dividend yield
|
—
|
%
|
|
—
|
%
|
Volatility rate
|
53.7
|
%
|
|
54.2
|
%
|
Risk-free interest rate
|
1.8
|
%
|
|
1.3
|
%
|
Expected life
|
5.0 years
|
|
|
5.0 years
|
|
|
Year-To-Date Ended
|
|||
|
December 2,
2017 (40 weeks) |
December 3,
2016 (40 weeks) |
||
Dividend yield
|
—
|
%
|
—
|
%
|
Volatility rate
|
44.3
|
%
|
41.3
|
%
|
Risk-free interest rate
|
1.41
|
%
|
0.9
|
%
|
Expected life
|
2.8 years
|
|
2.8 years
|
|
|
Third Quarter Ended December 2, 2017
|
|
Year-To-Date Ended December 2, 2017
|
||||||||||||||||||||||||||||
|
Wholesale
|
|
Retail
|
|
Corporate
|
|
Total
|
|
Wholesale
|
|
Retail
|
|
Corporate
|
|
Total
|
||||||||||||||||
Net sales
|
$
|
2,888
|
|
|
$
|
1,017
|
|
|
$
|
33
|
|
|
$
|
3,938
|
|
|
$
|
8,182
|
|
|
$
|
3,432
|
|
|
$
|
128
|
|
|
$
|
11,742
|
|
Cost of sales
|
2,784
|
|
|
745
|
|
|
—
|
|
|
3,529
|
|
|
7,837
|
|
|
2,517
|
|
|
—
|
|
|
10,354
|
|
||||||||
Gross profit
|
104
|
|
|
272
|
|
|
33
|
|
|
409
|
|
|
345
|
|
|
915
|
|
|
128
|
|
|
1,388
|
|
||||||||
Selling and administrative expenses
|
58
|
|
|
278
|
|
|
34
|
|
|
370
|
|
|
176
|
|
|
983
|
|
|
130
|
|
|
1,289
|
|
||||||||
Operating earnings (loss)
|
$
|
46
|
|
|
$
|
(6
|
)
|
|
$
|
(1
|
)
|
|
$
|
39
|
|
|
$
|
169
|
|
|
$
|
(68
|
)
|
|
$
|
(2
|
)
|
|
$
|
99
|
|
Interest expense, net
|
|
|
|
|
|
|
29
|
|
|
|
|
|
|
|
|
103
|
|
||||||||||||||
Equity in earnings of unconsolidated affiliates
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
(2
|
)
|
||||||||||||||
Earnings (loss) from continuing operations before income taxes
|
|
|
|
|
|
|
$
|
10
|
|
|
|
|
|
|
|
|
$
|
(2
|
)
|
|
Third Quarter Ended December 3, 2016
|
|
Year-To-Date Ended December 3, 2016
|
||||||||||||||||||||||||||||
|
Wholesale
|
|
Retail
|
|
Corporate
|
|
Total
|
|
Wholesale
|
|
Retail
|
|
Corporate
|
|
Total
|
||||||||||||||||
Net sales
|
$
|
1,906
|
|
|
$
|
1,060
|
|
|
$
|
37
|
|
|
$
|
3,003
|
|
|
$
|
5,912
|
|
|
$
|
3,524
|
|
|
$
|
137
|
|
|
$
|
9,573
|
|
Cost of sales
|
1,823
|
|
|
772
|
|
|
1
|
|
|
2,596
|
|
|
5,641
|
|
|
2,580
|
|
|
—
|
|
|
8,221
|
|
||||||||
Gross profit
|
83
|
|
|
288
|
|
|
36
|
|
|
407
|
|
|
271
|
|
|
944
|
|
|
137
|
|
|
1,352
|
|
||||||||
Selling and administrative expenses
|
31
|
|
|
287
|
|
|
73
|
|
|
391
|
|
|
97
|
|
|
947
|
|
|
145
|
|
|
1,189
|
|
||||||||
Goodwill impairment charge
|
—
|
|
|
15
|
|
|
—
|
|
|
15
|
|
|
—
|
|
|
15
|
|
|
—
|
|
|
15
|
|
||||||||
Operating earnings (loss)
|
$
|
52
|
|
|
$
|
(14
|
)
|
|
$
|
(37
|
)
|
|
$
|
1
|
|
|
$
|
174
|
|
|
$
|
(18
|
)
|
|
$
|
(8
|
)
|
|
$
|
148
|
|
Interest expense, net
|
|
|
|
|
|
|
40
|
|
|
|
|
|
|
|
|
141
|
|
||||||||||||||
Equity in earnings of unconsolidated affiliates
|
|
|
|
|
|
|
(1
|
)
|
|
|
|
|
|
|
|
(3
|
)
|
||||||||||||||
Earnings (loss) from continuing operations before income taxes
|
|
|
|
|
|
|
$
|
(38
|
)
|
|
|
|
|
|
|
|
$
|
10
|
|
|
Third Quarter Ended
|
|
Year-To-Date Ended
|
||||||||||||
|
December 2,
2017 (12 weeks) |
|
December 3,
2016 (12 weeks) |
|
December 2,
2017 (40 weeks) |
|
December 3,
2016 (40 weeks) |
||||||||
Net sales
|
$
|
—
|
|
|
$
|
1,038
|
|
|
$
|
—
|
|
|
$
|
3,529
|
|
Cost of sales
|
—
|
|
|
874
|
|
|
—
|
|
|
2,969
|
|
||||
Gross profit
|
—
|
|
|
164
|
|
|
—
|
|
|
560
|
|
||||
Selling and administrative expenses
|
(1
|
)
|
|
135
|
|
|
—
|
|
|
454
|
|
||||
Goodwill impairment charge
|
—
|
|
|
37
|
|
|
—
|
|
|
37
|
|
||||
Operating earnings (loss)
|
1
|
|
|
(8
|
)
|
|
—
|
|
|
69
|
|
||||
Interest (income) expense, net
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|
1
|
|
||||
Earnings (loss) from discontinued operations before income taxes
|
2
|
|
|
(8
|
)
|
|
1
|
|
|
68
|
|
||||
Income tax (benefit) provision
|
(6
|
)
|
|
6
|
|
|
(7
|
)
|
|
35
|
|
||||
Income (loss) from discontinued operations, net of tax
|
$
|
8
|
|
|
$
|
(14
|
)
|
|
$
|
8
|
|
|
$
|
33
|
|
•
|
Retaining existing customers by better listening and responding to customers and differentiating Supervalu through its service levels, pricing, product offerings and professional services
|
•
|
Growing Supervalu’s business with existing customers by marketing its fresh product offerings, such as produce, and its professional service offerings, including retail store support, advertising, couponing, e-commerce, network and data hosting solutions, training and certifications classes, as well as administrative back-office solutions, and supporting its customers in growing their businesses
|
•
|
Targeting sales growth by affiliating new customers, including larger chain businesses such as Supervalu now supplying over 170 stores operated by The Fresh Market and over 45 America’s Food Basket neighborhood stores, and aggressively pursuing external growth and market opportunities
|
•
|
Integrating and realizing synergies from the acquisitions of Unified Grocers and AG Florida, and expanding the Market Centre product offerings into Supervalu’s supply chain, including realizing operating margin synergies from optimizing Supervalu’s distribution network, leveraging Supervalu’s combined procurement volume and expanding Supervalu’s enhanced professional services offerings to acquired customers
|
•
|
Improving the efficiency and optimization of Supervalu’s distribution network, real estate, information technology infrastructure and logistics, and maximizing the use of trucking miles and warehouse capacity in a growing wholesale business
|
•
|
Strengthening core merchandising and marketing programs, including leveraging Supervalu’s private-label programs, such as the Essential Everyday
®
and Equaline
®
labels, while marketing and adding depth to the Wild Harvest
®
and Culinary Circle
®
brands
|
•
|
Driving profitable sales by investing in price and promotions, and enhancing merchandising displays and product offerings such as Quick and Easy meal solutions including meal kits and grab ‘n go options for Retail stores and Wholesale customers
|
•
|
Driving improved store performance, including reducing inventory shrink rates and levels of out-of-stocks, through standardizing certain store processes
|
•
|
Continued development and introduction of Supervalu’s private-label products, including organic products, by providing innovative products in multiple channels across Retail and Wholesale
|
•
|
Targeted capital investments for certain banners into new stores, relocations and store remodels
|
•
|
Continued management of Supervalu’s overhead cost structure to enable investments in lower prices to customers
|
•
|
Providing high-quality administrative support services by enhancing Supervalu’s service offerings and information technology systems
|
•
|
Leveraging Supervalu’s professional services capabilities to grow its services business
|
•
|
Net sales were
$3,938
, an
increase
of
$935
or
31.1 percent
, primarily due to sales from the acquired Unified business and higher sales from new Wholesale customers and stores, offset in part by lower sales due to stores no longer operated by customers, lower identical store sales in the Retail business, lower sales from closed Retail stores and lower military sales.
|
•
|
Gross profit was
$409
, an
increase
of
$2
or
0.5 percent
. Wholesale gross profit increased $21, which was partially offset by a decrease in Retail gross profit of $16 and in Corporate gross profit of $3. The increase in Gross profit primarily reflects higher Wholesale gross profit from the acquired Unified business and increased net sales, offset in part by higher Wholesale trucking costs and employee-related costs driven by higher sales volumes, and lower Retail gross margins from decreased sales and higher levels of promotional activities.
|
•
|
Operating earnings were
$39
, an
increase
of
$38
, which primarily reflects a pension settlement charge and goodwill impairment charge last year.
|
•
|
Net sales were
$11,742
, an
increase
of
$2,169
or
22.7 percent
, primarily due to sales from the acquired Unified business, higher sales from new Wholesale customers and stores, and acquired Retail stores, offset in part by lower sales due to stores no longer operated by customers, lower identical store sales in the Retail business, lower sales from closed Retail stores and lower military sales.
|
•
|
Gross profit was
$1,388
, an increase of
$36
or
2.7 percent
. Wholesale gross profit increased $74, which was partially offset by a decrease in Retail gross profit of $29 and in Corporate gross profit of $9. The increase in Gross profit primarily reflects increases in gross margins from increased net sales and higher Wholesale gross profit from the acquired Unified business, offset in part by higher Wholesale trucking costs and employee-related costs driven by higher sales volumes, and lower Retail gross margins from decreased sales and higher levels of promotional activities.
|
•
|
Operating earnings were
$99
, a decrease of
$49
, which primarily reflects higher employee-related costs from the acquired Unified business and incentive compensation, a Retail asset impairment charge, merger and integration costs, a legal reserve charge during fiscal 2018 year-to-date, a supply agreement termination fee received in fiscal 2017 year-to-date and lower Retail gross margins, offset in part by pension settlement and goodwill impairment charges in fiscal 2017 year-to-date and increases in gross profit discussed above and lower pension expense.
|
•
|
Interest expense, net was
$103
, a
decrease
of
$38
, primarily due to lower average outstanding debt balances.
|
•
|
Net earnings from continuing operations was
$5
, a decrease of
$16
, and diluted net earnings per share from continuing operations decreased
$0.36
, in each case, primarily due to the Retail asset impairment charge and other items described above.
|
•
|
Net cash used in operating activities of continuing operations was
$44
, an increase in cash used of
$194
, primarily due to cash utilized for working capital and other assets and liabilities to support higher Wholesale sales volumes and lower cash generated from earnings.
|
•
|
Net cash used in investing activities of continuing operations was
$328
, an increase of
$191
, primarily due to cash paid to acquire Unified and two distribution centers in Harrisburg, Pennsylvania and Joliet, Illinois, all in fiscal 2018 year-to-date.
|
•
|
Net cash provided by financing activities of continuing operations was
$137
, an increase of
$147
, primarily due the delayed draw term loan facility of $315, which was drawn down in the second quarter of fiscal 2018 for the purpose of consummating the acquisition of Unified, debt repayments of $99 made in the first quarter of fiscal 2017 that were not required in the first quarter of fiscal 2018, and new loans in fiscal 2018 year-to-date to finance the Harrisburg, Pennsylvania distribution center acquisition and related improvements. These items were partially offset by the repayment of acquired long-term debt associated with the Unified acquisition of $285 and lower net borrowings under the Revolving ABL Credit Facility in fiscal 2018 year-to-date.
|
|
Third Quarter Ended
|
|
Year-To-Date Ended
|
||||||||||||
Results of Operations
|
December 2,
2017 (12 weeks) |
|
December 3,
2016 (12 weeks) |
|
December 2,
2017 (40 weeks) |
|
December 3,
2016 (40 weeks) |
||||||||
Net sales
|
$
|
3,938
|
|
|
$
|
3,003
|
|
|
$
|
11,742
|
|
|
$
|
9,573
|
|
Cost of sales
|
3,529
|
|
|
2,596
|
|
|
10,354
|
|
|
8,221
|
|
||||
Gross profit
|
409
|
|
|
407
|
|
|
1,388
|
|
|
1,352
|
|
||||
Selling and administrative expenses
|
370
|
|
|
391
|
|
|
1,289
|
|
|
1,189
|
|
||||
Goodwill impairment charge
|
—
|
|
|
15
|
|
|
—
|
|
|
15
|
|
||||
Operating earnings
|
39
|
|
|
1
|
|
|
99
|
|
|
148
|
|
||||
Interest expense, net
|
29
|
|
|
40
|
|
|
103
|
|
|
141
|
|
||||
Equity in earnings of unconsolidated affiliates
|
—
|
|
|
(1
|
)
|
|
(2
|
)
|
|
(3
|
)
|
||||
Earnings (loss) from continuing operations before income taxes
|
10
|
|
|
(38
|
)
|
|
(2
|
)
|
|
10
|
|
||||
Income tax benefit
|
(8
|
)
|
|
(27
|
)
|
|
(7
|
)
|
|
(11
|
)
|
||||
Net earnings (loss) from continuing operations
|
18
|
|
|
(11
|
)
|
|
5
|
|
|
21
|
|
||||
Income (loss) from discontinued operations, net of tax
|
8
|
|
|
(14
|
)
|
|
8
|
|
|
33
|
|
||||
Net earnings (loss) including noncontrolling interests
|
26
|
|
|
(25
|
)
|
|
13
|
|
|
54
|
|
||||
Less net earnings attributable to noncontrolling interests
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
|
(3
|
)
|
||||
Net earnings (loss) attributable to SUPERVALU INC.
|
$
|
26
|
|
|
$
|
(26
|
)
|
|
$
|
12
|
|
|
$
|
51
|
|
Diluted continuing operations net earnings (loss) per share attributable to SUPERVALU INC.
|
$
|
0.46
|
|
|
$
|
(0.31
|
)
|
|
$
|
0.12
|
|
|
$
|
0.48
|
|
Weighted average shares outstanding—diluted
|
38
|
|
|
38
|
|
|
38
|
|
|
38
|
|
||||
Other Statistics of Continuing Operations
|
|
|
|
|
|
|
|
||||||||
Depreciation and amortization
|
$
|
48
|
|
|
$
|
48
|
|
|
$
|
160
|
|
|
$
|
159
|
|
Capital expenditures
(1)
|
$
|
117
|
|
|
$
|
60
|
|
|
$
|
235
|
|
|
$
|
134
|
|
Adjusted EBITDA
(2)
|
$
|
96
|
|
|
$
|
107
|
|
|
$
|
350
|
|
|
$
|
359
|
|
Financial Position of Continuing Operations
|
|
|
|
|
|
|
|
||||||||
Working capital
(3)
|
|
|
|
|
$
|
610
|
|
|
$
|
(618
|
)
|
||||
Total assets
|
|
|
|
|
$
|
4,467
|
|
|
$
|
3,489
|
|
||||
Total debt and capital lease obligations
|
|
|
|
|
$
|
1,906
|
|
|
$
|
2,545
|
|
||||
Stores Supplied and Operated:
|
|
|
|
|
|
|
|
||||||||
Wholesale primary stores
(4)
|
|
|
|
|
3,111
|
|
|
1,850
|
|
||||||
Retail stores
|
|
|
|
|
213
|
|
|
217
|
|
||||||
Subtotal
|
|
|
|
|
3,324
|
|
|
2,067
|
|
||||||
Wholesale secondary stores
(4)
|
|
|
|
|
2,219
|
|
|
237
|
|
||||||
Total number of stores
|
|
|
|
|
5,543
|
|
|
2,304
|
|
(1)
|
Capital expenditures include cash payments for purchases of property, plant and equipment and non-cash capital lease additions, and exclude cash payments for business acquisitions.
|
(2)
|
Adjusted EBITDA is a non-GAAP financial measure that Supervalu provides as a supplement to its results of operations and related analysis, and should not be considered superior to, a substitute for or an alternative to any financial measure of performance prepared and presented in accordance with GAAP. Refer to the “Non-GAAP Financial Measures” section below for additional information regarding Supervalu’s use of non-GAAP financial measures.
|
(3)
|
Working capital of continuing operations is calculated using the first-in, first-out method for inventories, after adding back the last-in, first-out method (“LIFO”) reserve. The LIFO reserve was
$219
and
$218
as of
December 2, 2017
and
December 3, 2016
, respectively.
|
(4)
|
Wholesale primary stores is defined as a customer location that has received over a certain dollar threshold of Wholesale product for each of the last three fiscal periods in a given quarter and purchases two or more product groups.
|
(5)
|
Wholesale secondary stores is defined as a customer location that has received over a certain dollar threshold of Wholesale product for each of the last three fiscal periods in a given quarter but fails to meet the criteria to be a primary store. The acquisition of Unified increased the secondary store count substantially because of its smaller Wholesale customer store size and its distribution of one product group to customer stores.
|
|
Third Quarter Ended
|
|
Year-To-Date Ended
|
||||||||||||||||||||
December 2,
2017 (12 weeks) |
|
December 3,
2016 (12 weeks) |
|
Variance
|
|
December 2,
2017 (40 weeks) |
|
December 3,
2016 (40 weeks) |
|
Variance
|
|||||||||||||
Wholesale
|
$
|
2,888
|
|
|
$
|
1,906
|
|
|
$
|
982
|
|
|
$
|
8,182
|
|
|
$
|
5,912
|
|
|
$
|
2,270
|
|
Retail
|
1,017
|
|
|
1,060
|
|
|
(43
|
)
|
|
3,432
|
|
|
3,524
|
|
|
(92
|
)
|
||||||
Corporate
|
33
|
|
|
37
|
|
|
(4
|
)
|
|
128
|
|
|
137
|
|
|
(9
|
)
|
||||||
Total Net sales
|
$
|
3,938
|
|
|
$
|
3,003
|
|
|
$
|
935
|
|
|
$
|
11,742
|
|
|
$
|
9,573
|
|
|
$
|
2,169
|
|
|
December 2,
2017 (12 weeks) |
|
December 2,
2017 (40 weeks) |
||
Identical store sales percent variance
(1)
|
(3.5
|
)%
|
|
(4.1
|
)%
|
Average basket percent variance
(2)
|
(0.1
|
)%
|
|
—
|
%
|
Customer count percent variance
(3)
|
(3.4
|
)%
|
|
(4.1
|
)%
|
(1)
|
Retail identical store sales are defined as Net sales from stores operating for four full quarters, including store expansions and excluding fuel and planned store dispositions.
|
(2)
|
Average basket is defined as the average purchases by customers per transaction within Retail stores operating for four full quarters, including store expansions and excluding fuel and planned store dispositions.
|
(3)
|
Customer count is defined as the number of transactions by customers within Retail stores operating for four full quarters, including store expansions and excluding fuel and planned store dispositions.
|
|
Third Quarter Ended
|
|
Year-To-Date Ended
|
||||||||||||||||||||
December 2,
2017 (12 weeks) |
|
December 3,
2016 (12 weeks) |
|
Variance
|
|
December 2,
2017 (40 weeks) |
|
December 3,
2016 (40 weeks) |
|
Variance
|
|||||||||||||
Wholesale
|
$
|
104
|
|
|
$
|
83
|
|
|
$
|
21
|
|
|
$
|
345
|
|
|
$
|
271
|
|
|
$
|
74
|
|
% of Wholesale sales
|
3.6
|
%
|
|
4.4
|
%
|
|
(0.8
|
)%
|
|
4.2
|
%
|
|
4.6
|
%
|
|
(0.4
|
)%
|
||||||
Retail
|
272
|
|
|
288
|
|
|
(16
|
)
|
|
915
|
|
|
944
|
|
|
(29
|
)
|
||||||
% of Retail sales
|
26.7
|
%
|
|
27.2
|
%
|
|
(0.5
|
)%
|
|
26.6
|
%
|
|
26.8
|
%
|
|
(0.2
|
)%
|
||||||
Corporate
|
33
|
|
|
36
|
|
|
(3
|
)
|
|
128
|
|
|
137
|
|
|
(9
|
)
|
||||||
Total Gross profit
|
$
|
409
|
|
|
$
|
407
|
|
|
$
|
2
|
|
|
$
|
1,388
|
|
|
$
|
1,352
|
|
|
$
|
36
|
|
% of total Net sales
|
10.4
|
%
|
|
13.6
|
%
|
|
(3.2
|
)%
|
|
11.8
|
%
|
|
14.1
|
%
|
|
(2.3
|
)%
|
|
Third Quarter Ended
|
|
Year-To-Date Ended
|
||||||||||||||||||||
December 2,
2017 (12 weeks) |
|
December 3,
2016 (12 weeks) |
|
Variance
|
|
December 2,
2017 (40 weeks) |
|
December 3,
2016 (40 weeks) |
|
Variance
|
|||||||||||||
Wholesale
|
$
|
46
|
|
|
$
|
52
|
|
|
$
|
(6
|
)
|
|
$
|
169
|
|
|
$
|
174
|
|
|
$
|
(5
|
)
|
% of Wholesale sales
|
1.6
|
%
|
|
2.7
|
%
|
|
(1.1
|
)%
|
|
2.1
|
%
|
|
2.9
|
%
|
|
(0.8
|
)%
|
||||||
Retail
|
(6
|
)
|
|
(14
|
)
|
|
8
|
|
|
(68
|
)
|
|
(18
|
)
|
|
(50
|
)
|
||||||
% of Retail sales
|
(0.6
|
)%
|
|
(1.3
|
)%
|
|
0.7
|
%
|
|
(2.0
|
)%
|
|
(0.5
|
)%
|
|
(1.5
|
)%
|
||||||
Corporate
|
(1
|
)
|
|
(37
|
)
|
|
36
|
|
|
(2
|
)
|
|
(8
|
)
|
|
6
|
|
||||||
Total Operating earnings
|
$
|
39
|
|
|
$
|
1
|
|
|
$
|
38
|
|
|
$
|
99
|
|
|
$
|
148
|
|
|
$
|
(49
|
)
|
% of total Net sales
|
1.0
|
%
|
|
0.1
|
%
|
|
0.9
|
%
|
|
0.8
|
%
|
|
1.5
|
%
|
|
(0.7
|
)%
|
|
Third Quarter Ended
|
|
Year-To-Date Ended
|
||||||||||||
December 2,
2017 (12 weeks) |
|
December 3,
2016 (12 weeks) |
|
December 2,
2017 (40 weeks) |
|
December 3,
2016 (40 weeks) |
|||||||||
Interest expense on long-term debt, net of capitalized interest
|
$
|
23
|
|
|
$
|
32
|
|
|
$
|
73
|
|
|
$
|
103
|
|
Interest expense on capital lease obligations
|
5
|
|
|
4
|
|
|
16
|
|
|
15
|
|
||||
Amortization of financing costs and discount
|
1
|
|
|
3
|
|
|
5
|
|
|
9
|
|
||||
Other
|
—
|
|
|
2
|
|
|
6
|
|
|
9
|
|
||||
Unamortized financing charges
|
—
|
|
|
—
|
|
|
3
|
|
|
5
|
|
||||
Debt refinancing costs
|
—
|
|
|
—
|
|
|
2
|
|
|
2
|
|
||||
Interest income
|
—
|
|
|
(1
|
)
|
|
(2
|
)
|
|
(2
|
)
|
||||
Interest expense, net
|
$
|
29
|
|
|
$
|
40
|
|
|
$
|
103
|
|
|
$
|
141
|
|
|
Third Quarter Ended
|
|
Year-To-Date Ended
|
||||||||||||
|
December 2,
2017 (12 weeks) |
|
December 3,
2016 (12 weeks) |
|
December 2,
2017 (40 weeks) |
|
December 3,
2016 (40 weeks) |
||||||||
Net earnings (loss) from continuing operations
|
$
|
18
|
|
|
$
|
(11
|
)
|
|
$
|
5
|
|
|
$
|
21
|
|
Less net earnings attributable to noncontrolling interests
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
|
(3
|
)
|
||||
Income tax benefit
|
(8
|
)
|
|
(27
|
)
|
|
(7
|
)
|
|
(11
|
)
|
||||
Interest expense, net
|
29
|
|
|
40
|
|
|
103
|
|
|
141
|
|
||||
Depreciation and amortization
|
48
|
|
|
48
|
|
|
160
|
|
|
159
|
|
||||
LIFO charge
|
1
|
|
|
1
|
|
|
4
|
|
|
3
|
|
||||
Asset impairment charge
(1)
|
—
|
|
|
—
|
|
|
42
|
|
|
—
|
|
||||
Merger and integration costs
(2)
|
5
|
|
|
—
|
|
|
32
|
|
|
—
|
|
||||
Legal reserve charge
(3)
|
—
|
|
|
—
|
|
|
9
|
|
|
—
|
|
||||
Store closure charges and costs
(4)
|
3
|
|
|
1
|
|
|
2
|
|
|
5
|
|
||||
Severance costs (benefit)
(5)
|
—
|
|
|
—
|
|
|
3
|
|
|
(1
|
)
|
||||
Gain on sale of property
(6)
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
||||
Sales and use tax refunds
(7)
|
—
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
||||
Supply agreement termination fees
(8)
|
—
|
|
|
—
|
|
|
—
|
|
|
(9
|
)
|
||||
Pension settlement charge
(9)
|
—
|
|
|
41
|
|
|
—
|
|
|
41
|
|
||||
Goodwill impairment charge
(10)
|
—
|
|
|
15
|
|
|
—
|
|
|
15
|
|
||||
Adjusted EBITDA
|
$
|
96
|
|
|
$
|
107
|
|
|
$
|
350
|
|
|
$
|
359
|
|
(1)
|
Asset impairment charge reflects a non-cash write-down of a Retail geographic market asset group.
|
(2)
|
Merger and integration costs relate to the acquisition and integration of Unified and AG Florida and primarily reflect employee severance and transition costs, acquisition costs and a multiemployer pension withdrawal charge. Supervalu expects to incur $34 to $44 of merger and integration costs related to Unified and AG Florida in fiscal 2018.
|
(3)
|
Legal reserve charge reflects a settlement for certain legal proceedings.
|
(4)
|
Store closure charges and costs include impairment, severance and related costs due to store closures, including the sale of pharmacy prescription files related to a store closure.
|
(5)
|
Severance costs primarily reflect termination costs for employees who are not part of Supervalu's on-going business.
|
(6)
|
Gain on sale of property reflects a surplus property sale for a store that was previously impaired and adjusted as a store closure charge.
|
(7)
|
Sales and use tax refunds reflect refunds received related to prior years.
|
(8)
|
Supply agreement termination fees reflect cash gains related to the termination of supply agreements.
|
(9)
|
Pension settlement charge reflects lump sum settlement payments made to certain deferred vested pension plan participants under a lump sum payment option window offered by Supervalu.
|
(10)
|
Goodwill impairment charge relates to Supervalu
’
s Retail business as a result of an interim impairment review conducted during the third quarter of fiscal 2017. The intangible asset impairment charge relates to Supervalu's non-exercise of certain options to purchase operating assets
|
•
|
Unused available credit under the Revolving ABL Credit Facility increased
$87
to
$835
as of
December 2, 2017
from
$748
as of
February 25, 2017
.
|
•
|
In fiscal 2018 year-to-date, Supervalu completed the refinancing of the Secured Term Loan Facility due March 2019, which among other changes, reduced the interest rate by 1.00 percent for both LIBOR and Prime based loans and extended the maturity to June 2024, subject to certain acceleration provisions.
|
•
|
Cash and cash equivalents decreased
$286
to
$46
as of
December 2, 2017
from
$332
as of
February 25, 2017
, primarily due to the net cash used in operating and investing activities of continuing operations in fiscal 2018 year-to-date.
|
•
|
Total debt increased
$445
to
$1,708
as of
December 2, 2017
from
$1,263
as of
February 25, 2017
, net of unamortized debt financing costs and original issue discount, primarily related to the additional borrowings under the Secured Term Loan Facility to finance the Unified acquisition, new loans to finance the Harrisburg, Pennsylvania distribution center acquisition and related improvements, and seasonal borrowings under the Revolving ABL Credit Facility.
|
•
|
Scheduled debt maturities of
$2
and no required prepayments are due in the remainder of fiscal 2018.
|
•
|
Payments to reduce capital lease obligations are expected to be
$6
for the remainder of fiscal
2018
and approximately
$27
in fiscal 2019.
|
•
|
Working capital of continuing operations increased
$82
to
$610
as of
December 2, 2017
from
$528
as of
February 25, 2017
, excluding the impacts of the LIFO reserve, primarily due to seasonal inventory increase, acquired working capital from the Unified acquisition and a decrease in income taxes payable, offset in part by a reduction in the cash balance that was utilized in the acquisition of Unified and the seasonal inventory and an increase in accounts payable related to the seasonal inventory increase.
|
•
|
Management expects that Supervalu will be able to fund debt maturities through internally generated funds, borrowings under the Revolving ABL Credit Facility, additional term loans under the Secured Term Loan Facility (subject to identifying term loan lenders or other institutional lenders and satisfying certain terms and conditions) or through new debt issuances.
|
•
|
No minimum pension contributions are required under ERISA for the remainder of fiscal
2018
.
|
|
Year-To-Date Ended
|
||||||||||
|
December 2,
2017 (40 weeks) |
|
December 3,
2016 (40 weeks) |
|
Variance
|
||||||
Cash flow activities
|
|
|
|
|
|
||||||
Net cash (used in) provided by operating activities – continuing operations
|
$
|
(44
|
)
|
|
$
|
150
|
|
|
$
|
(194
|
)
|
Net cash used in investing activities – continuing operations
|
(328
|
)
|
|
(137
|
)
|
|
(191
|
)
|
|||
Net cash provided by (used in) financing activities – continuing operations
|
137
|
|
|
(10
|
)
|
|
147
|
|
|||
Net cash (used in) provided by discontinued operations
|
(51
|
)
|
|
4
|
|
|
(55
|
)
|
|||
Net (decrease) increase in cash and cash equivalents
|
(286
|
)
|
|
7
|
|
|
(293
|
)
|
|||
Cash and cash equivalents at beginning of period
|
332
|
|
|
57
|
|
|
275
|
|
|||
Cash and cash equivalents at the end of period
|
$
|
46
|
|
|
$
|
64
|
|
|
$
|
(18
|
)
|
|
Payments Due Per Period
|
||||||||||||||||||||||
|
Total
|
|
Remaining Fiscal 2018
|
|
Fiscal 2019
|
|
Fiscal 2020-2021
|
|
Fiscal 2022-2023
|
|
Thereafter
|
||||||||||||
Contractual obligations
(1)(2)
:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Long-term debt
(3)
|
$
|
1,736
|
|
|
$
|
2
|
|
|
$
|
12
|
|
|
$
|
134
|
|
|
$
|
796
|
|
|
$
|
792
|
|
Interest on long-term debt
(4)
|
519
|
|
|
9
|
|
|
102
|
|
|
203
|
|
|
152
|
|
|
53
|
|
||||||
Operating leases
(5)
|
334
|
|
|
11
|
|
|
64
|
|
|
109
|
|
|
59
|
|
|
91
|
|
||||||
Capital leases
(6)
|
268
|
|
|
7
|
|
|
40
|
|
|
74
|
|
|
58
|
|
|
89
|
|
||||||
Purchase obligations
(7)
|
320
|
|
|
107
|
|
|
72
|
|
|
111
|
|
|
30
|
|
|
—
|
|
||||||
Self-insurance obligations
(8)
|
72
|
|
|
8
|
|
|
18
|
|
|
20
|
|
|
10
|
|
|
16
|
|
||||||
Total contractual obligations
|
$
|
3,249
|
|
|
$
|
144
|
|
|
$
|
308
|
|
|
$
|
651
|
|
|
$
|
1,105
|
|
|
$
|
1,041
|
|
(1)
|
Because the timing of certain future payments beyond fiscal 2018 cannot be reasonably determined, contractual obligations payments due per fiscal period presented here exclude Supervalu’s discretionary funding of its pension and required funding of its postretirement benefit obligations, which totaled $62 for fiscal 2017 and
$2
for fiscal
2018
year-to-date, and multiemployer pension plan contributions, which totaled $43 for fiscal 2017 and
$31
for fiscal
2018
year-to-date. Pension and postretirement benefit obligations were
$390
as
of
December 2, 2017
, which includes
$105
of pension and postretirement benefit obligations from Unified. Supervalu expects to contribute
$5
to
$10
t
o pension and postretirement benefit plans during fiscal 2018, but is not required to make minimum pension contributions.
|
(2)
|
Unrecognized tax benefits, which totaled
$39
as
of
December 2, 2017
, were excluded from the contractual obligations table because an estimate of the timing of future tax settlements cannot be reasonably determined.
|
(3)
|
Long-term debt amounts exclude original issue discounts and deferred financing costs. Long-term debt payments due per fiscal period for 2018 through thereafter exclude any Excess Cash Flow prepayments, which may be required under the provisions of the Secured Term Loan Facility because the amount of such future prepayment amounts, if any, are not reasonably estimable as of
December 2, 2017
.
|
(4)
|
Amounts include contractual interest payments using the interest rate as of
December 2, 2017
applicable to Supervalu’s variable interest debt instruments (including variable interest rates under the Secured Term Loan Facility that have been swapped to fixed interest rates) and stated fixed rates for all other debt instruments.
|
(5)
|
Represents the minimum rents payable under operating leases, excluding common area maintenance, insurance or tax payments, for which Supervalu is also obligated, offset by minimum subtenant rentals of
$77
,
$2
,
$14
,
$27
,
$16
and
$18
, respectively.
|
(6)
|
Represents the minimum payments under capital leases, excluding common area maintenance, insurance or tax payments, for which Supervalu is also obligated, offset by minimum subtenant rentals of
$21
,
$1
,
$5
,
$6
,
$5
and
$4
, respectively.
|
(7)
|
Supervalu’s purchase obligations include various obligations that have annual purchase commitments of $1 or greater. As of
December 2, 2017
, future purchase obligations existed that primarily related to fixed asset and information technology commitments. In addition, in the ordinary course of business, Supervalu enters into supply contracts to purchase product for resale to Wholesale customers and to consumers, which are typically of a short-term nature with limited or no purchase commitments. The majority of Supervalu’s supply contracts are short-term in nature and relate to fixed assets, information technology and contracts to purchase product for resale. These supply contracts typically include either volume commitments or fixed expiration dates, termination provisions and other standard contractual considerations. The supply contracts that are cancelable have not been included above.
|
(8)
|
Supervalu’s insurance reserves include the undiscounted obligations related to workers’ compensation, general and automobile liabilities at the estimated ultimate cost of reported claims and claims incurred but not yet reported and related expenses.
|
(in millions, except shares and per share amounts)
Period
(1)
|
|
Total Number of Shares Purchased
(2)
|
|
Average Price Paid Per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
|
Approximate Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs
|
||||||
First four weeks
|
|
|
|
|
|
|
|
|
||||||
September 10, 2017 to October 7, 2017
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
Second four weeks
|
|
|
|
|
|
|
|
|
||||||
October 8, 2017 to November 4, 2017
|
|
413
|
|
|
$
|
15.03
|
|
|
—
|
|
|
$
|
—
|
|
Third four weeks
|
|
|
|
|
|
|
|
|
||||||
November 5, 2017 to December 2, 2017
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
Totals
|
|
413
|
|
|
$
|
15.03
|
|
|
—
|
|
|
$
|
—
|
|
(1)
|
The reported periods conform to Supervalu's fiscal calendar composed of thirteen 28-day periods. The
third
quarter of fiscal
2018
contains three 28-day periods.
|
(2)
|
These amounts include the deemed surrender by participants in Supervalu's compensatory stock plans of
413
shares of previously issued common stock. These are from the vesting of restricted stock awards and restricted stock units granted under such plans.
|
2.1
|
|
|
|
|
|
2.2
|
|
|
|
|
|
12.1
|
|
|
|
|
|
31.1
|
|
|
|
|
|
31.2
|
|
|
|
|
|
32.1
|
|
|
|
|
|
32.2
|
|
|
|
|
|
101
|
|
The following information from the SUPERVALU INC. Quarterly Report on Form 10-Q for the third quarter ended December 2, 2017, formatted in Extensible Business Reporting Language (XBRL): (i) the Condensed Consolidated Statements of Operations, (ii) the Condensed Consolidated Statements of Comprehensive Income, (iii) the Condensed Consolidated Balance Sheets, (iv) the Condensed Consolidated Statements of Stockholders’ Equity, (v) the Condensed Consolidated Statements of Cash Flows and (vi) the Notes to Condensed Consolidated Financial Statements.
|
|
|
|
SUPERVALU INC. (Registrant)
|
|
|
|
|
Dated: January 10, 2018
|
|
|
/s/ ROB N. WOSETH
|
|
|
|
Rob N. Woseth
Executive Vice President, Chief Strategy Officer, Interim Chief Financial Officer
(principal financial officer)
|
2.1
|
|
|
|
|
|
2.2
|
|
|
|
|
|
12.1
|
|
|
|
|
|
31.1
|
|
|
|
|
|
31.2
|
|
|
|
|
|
32.1
|
|
|
|
|
|
32.2
|
|
|
|
|
|
101
|
|
The following information from the SUPERVALU INC. Quarterly Report on Form 10-Q for the third quarter ended December 2, 2017, formatted in Extensible Business Reporting Language (XBRL): (i) the Condensed Consolidated Statements of Operations, (ii) the Condensed Consolidated Statements of Comprehensive Income, (iii) the Condensed Consolidated Balance Sheets, (iv) the Condensed Consolidated Statements of Stockholders’ Equity, (v) the Condensed Consolidated Statements of Cash Flows and (vi) the Notes to Condensed Consolidated Financial Statements.
|
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