Supervalu (SVU) 10-Q 2003 Q3 Quarterly report

Exhibit 12

SUPERVALU INC.

Ratio of Earnings to Fixed Charges

(unaudited)

	Third Quarter			Fiscal Year End			Fiscal Year End			Fiscal Year End			Fiscal Year End			Fiscal Year End
	November 30, 2002			February 23, 2002			February 24, 2001			February 26, 2000			February 27, 1999			February 28, 1998
	(In thousands, except ratios)
Earnings before income taxes	$	90,726		$	331,998		$	139,590		$	445,393		$	316,261		$	384,780
Less undistributed earnings of less than fifty percent owned affiliates		(8,737	)		(13,450	)		(9,429	)		(6,605	)		(5,943	)		(7,388	)
Earnings before income taxes		81,989			318,548			130,161			438,788			310,318			377,392
Interest expense		42,508			194,294			212,898			154,482			124,111			133,619
Interest on operating leases		12,778			35,971			29,047			23,838			18,574			18,010
Subtotal		137,275			548,813			372,106			617,108			453,003			529,021
Total fixed charges	$	55,286		$	230,265		$	241,945		$	178,320		$	142,685		$	151,629
Ratio of earnings to fixed charges		2.48			2.38			1.54			3.46			3.17			3.49