Updates Fiscal 2009 Earnings Per Share and Sales Guidance

Affirms Capital Spending and Debt Reduction

Expects Record Earnings Per Share Year

SUPERVALU INC. (NYSE:SVU) reported sales and earnings for the second quarter of fiscal 2009. The company reported second quarter net sales of $10.2 billion compared to $10.2 billion last year, net earnings of $128 million compared to $148 million last year, and diluted earnings per share of $0.60 compared to $0.69 last year. Second quarter fiscal 2009 and fiscal 2008 results included charges for one-time acquisition-related costs of $3 million and $19 million, pretax or $0.01 and $0.05 per diluted share, respectively.

The company reported year to date fiscal 2009 net sales of $23.6 billion compared to $23.5 billion last year, net earnings of $290 million compared to $296 million last year, and reported diluted earnings per share of $1.36 compared to $1.37 last year. Year to date fiscal 2009 results include charges for one-time acquisition-related costs of $0.04 per diluted share compared to $0.13 per diluted share last year.

Jeff Noddle, SUPERVALU chairman and chief executive officer, said, “Despite weaker than expected operating results in the second quarter, we expect another record earnings per share year, with earnings in a range of $2.86 to $2.96 per share. As for the balance of the year, we have taken action to improve our sales performance while creating value for our customers and to reduce costs in the back half of the year.” Noddle went on to say, “We are also affirming that our cash flows will provide for more than $1 billion in capital spending and debt reductions of at least $400 million this year.”

SUPERVALU’s full fiscal 2009 guidance includes the following assumptions:

* Net sales are estimated to be approximately $45 billion, including an approximate benefit of $800 million from the 53rd week in the fiscal year;
* Diluted earnings per share will benefit by approximately $0.06 from the 53rd week;
* Identical store sales growth, excluding fuel, is projected to be flat to negative 0.5 percent for fiscal 2009, and flat to positive 0.5 percent for the balance of the year;
* Sales attrition in the traditional food distribution business will be approximately 2 to 4 percent for the year. This rate is exclusive of new business and the multi-year migration of Target Corporation volume to self-distribution;
* Consumer spending will continue to be pressured by inflation and the economy;
* Capital spending is projected to be approximately $1.2 to $1.3 billion, which includes 155 major store remodels, approximately 14 new traditional supermarkets and 45 to 55 limited assortment stores, including 25 licensed stores;
* Debt reduction is estimated to be approximately $400 million;
* Incremental synergy benefits in fiscal 2009, relating to the Albertsons acquisition, are estimated to be approximately $40 to $50 million pre-tax;
* One-time acquisition-related costs are expected to be approximately $16 million pre-tax in fiscal 2009; and
* The effective tax rate is estimated to be approximately 38.6 percent.

About SUPERVALU INC.

SUPERVALU INC. is one of the largest companies in the United States grocery channel with estimated annual sales of $45 billion. SUPERVALU holds leading market share positions across the U.S. with approximately 2,500 retail grocery locations. Through SUPERVALU’s nationwide supply chain network, the company provides distribution and related logistics support services to more than 2,500 independent retailers and other grocery endpoints across the country. SUPERVALU has approximately 190,000 employees. For more information about SUPERVALU visit http://investor.supervalu.com.