UNAUDITED QUARTERLY FINANCIAL INFORMATION

(In millions, except per share data)

Unaudited quarterly financial information for SUPERVALU INC. and subsidiaries is as follows:


	2014
	First (16 weeks)			Second (12 weeks)			Third (12 weeks)			Fourth (12 weeks)			Fiscal Year (52 weeks)
Net sales ⁽¹⁾	$	5,242		$	3,948		$	4,012		$	3,953		$	17,155
Gross profit	$	796		$	577		$	569		$	590		$	2,532
Net (loss) earnings from continuing operations ⁽²⁾	$	(105	)	$	39		$	32		$	40		$	6
Net earnings	$	85		$	40		$	31		$	26		$	182
Net (loss) earnings per share from continuing operations—diluted ⁽³⁾	$	(0.43	)	$	0.15		$	0.12		$	0.15		$	0.02
Net earnings per share—diluted	$	0.34		$	0.15		$	0.12		$	0.10		$	0.70
Dividends declared per share	$	—		$	—		$	—		$	—		$	—
Weighted average shares—diluted		250			261			262			261			258

	2013
	First (16 weeks)			Second (12 weeks)			Third (12 weeks)			Fourth (12 weeks)			Fiscal Year (52 weeks)
Net sales ⁽¹⁾	$	5,250		$	3,939		$	4,051		$	3,899		$	17,139
Gross profit	$	720		$	529		$	530		$	557		$	2,336
Net loss from continuing operations ⁽⁵⁾	$	(18	)	$	(56	)	$	(15	)	$	(174	)	$	(263	)
Net earnings (loss)	$	41		$	(111	)	$	16		$	(1,412	)	$	(1,466	)
Net loss per share from continuing operations—diluted ⁽³⁾	$	(0.08	)	$	(0.26	)	$	(0.07	)	$	(0.82	)	$	(1.24	)
Net earnings (loss) per share—diluted ⁽⁴⁾	$	0.19		$	(0.52	)	$	0.08		$	(6.65	)	$	(6.91	)
Dividends declared per share	$	0.0875		$	—		$	—		$	—		$	0.0875
Weighted average shares—diluted		214			212			214			212			212

(1)

During the second quarter of fiscal 2014, the Company revised its presentation of fees earned under its transition services agreements. The Company historically presented fees earned under its transition services agreements as a reduction of Selling and administrative expenses. The presentation of such fees earned has been revised and they are now reflected as revenue, within Net sales of Corporate, for all periods. The revision had the effect of increasing both Net sales and Gross profit, with a corresponding increase in Selling and administrative expenses. These revisions did not impact Operating earnings (loss), Loss from continuing operations before income taxes, Net earnings (loss), cash flows, or financial position for any period reported.

(2)

Results from continuing operations for the fiscal year ended February 22, 2014 include net costs and charges of $235 before tax ($144 after tax, or $0.56 per diluted share), comprised of charges for the write-off of non-cash unamortized financing costs and original issue discount acceleration of $99 before tax ($60 after tax, or $0.24 per diluted share) and debt refinancing costs of $75 before tax ($47 after tax, or $0.18 per diluted share) recorded in Interest expense, net, severance costs and accelerated stock-based compensation charges of $46 before tax ($29 after tax, or $0.11 per diluted share), non-cash asset impairment and other charges of $16 before tax ($11 after tax, or $0.04 per diluted share), contract breakage and other costs of $6 before tax ($2 after tax, or $0.01 per diluted share) and a legal settlement charge of $5 before tax ($3 after tax, or $0.01 per diluted share) recorded in Selling and administrative expenses, and a multi-employer pension withdrawal charge of $3 before tax ($2 after tax, or $0.01 per diluted share) recorded in Gross profit, offset in part by a gain on sale of property of $15 before tax ($10 after tax, or $0.04 per diluted share) recorded in Selling and administrative expenses.

(3)	As a result of the net loss for the first quarter during fiscal 2014 and four quarters of fiscal 2013, all potentially dilutive shares were antidilutive and therefore excluded from the calculation of Net loss per share from continuing operations—diluted for these periods.

(4)	As a result of the net loss for the second and fourth quarters during fiscal 2013, all potentially dilutive shares were antidilutive and therefore excluded from the calculation of Net loss per share—diluted for these periods.

(5)

Results from continuing operations for the fiscal year ended February 23, 2013 included net charges and costs of $303 before tax ($187 after tax, or $0.88 per diluted share), comprised of non-cash asset impairment and other charges of $227 before tax ($140 after tax, or $0.66 per diluted share) and multi-employer pension withdrawal liability and severance costs of $36 before tax ($23 after tax, or $0.10 per diluted share) recorded in Selling and administrative expenses, a non-cash charge for the write-off unamortized financing costs of $22 before tax ($14 after tax, or $0.07 per diluted share) recorded in Interest expense, net, and store closure impairment charges of $22 before tax ($13 after tax, or $0.06 per diluted share) and intangible asset impairment charges of $6 before tax ($3 after tax, or $0.02 per diluted share), offset in part by a cash settlement received from credit card companies of $10 before tax ($6 after tax or, $0.03 per diluted share) recorded in Selling and administrative expenses.