EXHIBIT 12
SUPERVALU INC. and Subsidiaries
Ratio of Earnings to Fixed Charges
For Fiscal Years Ended
(In thousands, except ratios) 1994 1993 1992 1991 1990
-------- -------- -------- --------- --------
Earnings before income taxes $294,080 $258,618 $322,840 $225,680 $215,730
Less undistributed earnings of ShopKo (8,306) (16,582) (14,891) - -
-------- -------- -------- -------- --------
Earnings before income taxes 285,774 242,036 307,949 225,680 215,730
Interest expense 120,292 83,066 72,693 76,411 75,340
Interest on operating leases 17,288 6,661 2,732 3,435 3,038
-------- -------- -------- -------- --------
$423,354 $331,763 $383,374 $305,526 $294,108
======== ======== ======== ======== ========
Total fixed charges 137,580 89,727 75,425 79,846 78,378
======== ======== ======== ======== ========
Ratio of earnings to fixed charges 3.08 3.70 5.08 3.83 3.75
======== ======== ======== ======== ========