Supervalu (SVU) 10-Q 2003 Q2 Quarterly report

Exhibit 12

SUPERVALU INC.

Ratio of Earnings to Fixed Charges

(unaudited)

	Second Quarter			Fiscal Year End			Fiscal Year End			Fiscal Year End			Fiscal Year End			Fiscal Year End
	September 7, 2002			February 23, 2002			February 24, 2001			February 26, 2000			February 27, 1999			February 28, 1998
	(In thousands, except ratios)
Earnings before income taxes	$	93,343		$	331,998		$	139,590		$	445,393		$	316,261		$	384,780
Less undistributed earnings of less than fifty percent owned affiliates		(5,271	)		(13,450	)		(9,429	)		(6,605	)		(5,943	)		(7,388	)
Earnings before income taxes		88,072			318,548			130,161			438,788			310,318			377,392
Interest expense		42,606			194,294			212,898			154,482			124,111			133,619
Interest on operating leases		8,113			35,971			29,047			23,838			18,574			18,010
Subtotal	$	138,791		$	548,813		$	372,106		$	617,108		$	453,003		$	529,021
Total fixed charges		50,719			230,265			241,945			178,320			142,685			151,629
Ratio of earnings to fixed charges	$	2.74		$	2.38		$	1.54		$	3.46		$	3.17		$	3.49