EX-12 2 dex12.htm RATIO OF EARNINGS TO FIXED CHARGES Ratio of Earnings to Fixed Charges

Exhibit 12

 

SUPERVALU INC.

Ratio of Earnings to Fixed Charges

(unaudited)

 

    

First

Quarter

    

Fiscal Year

End

    

Fiscal Year

End

    

Fiscal Year

End

    

Fiscal Year

End

  
    

June 19,

2004

    

February 28,

2004

    

February 22,

2003

    

February 23,

2002

    

February 24,

2001

  
     (In thousands, except ratios)  

Earnings before income taxes (1)

    $ 238,028     $ 454,880     $ 408,004     $ 331,998     $ 139,590  

Less undistributed earnings of less than fifty percent owned affiliates

      (898 )     (15,793 )     (16,368 )     (13,450 )     (9,429 )
    
 
 
 
 

Earnings before income taxes

      237,130       439,087       391,636       318,548       130,161  

Interest expense

      48,451       165,581       182,499       194,294       212,898  

Interest on operating leases

      11,951       44,280       44,864       35,971       29,047  
    
 
 
 
 

Subtotal

      297,532       648,948       618,999       548,813       372,106  
    
 
 
 
 

Total fixed charges

    $ 60,402     $ 209,861     $ 227,363     $ 230,265     $ 241,945  
    
 
 
 
 

Ratio of earnings to fixed charges

      4.93       3.09       2.72       2.38       1.54  
    
 
 
 
 
(1) Included in Earnings before income taxes for the quarter ended June 19, 2004 is a gain of $109.3 million resulting from the company’s sale of its minority ownership interest in WinCo.