<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 11-K
(Mark One)
X ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934 (FEE REQUIRED)
For the Year (52 Weeks) Ended February 24, 1996
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
For the Transition Period From to
Commission File Number
A. Full title of the Plan and the address of the Plan, if different from
that of the issuer named below:
SHOPKO STORES, lNC. PROFIT SHARING AND SUPER SAVER PLAN
B. Name of issuer of the securities held pursuant to the Plan and the
address of its principal executive office:
SHOPKO STORES, INC.
700 PILGRIM WAY
GREEN BAY, WISCONSIN 54304
<PAGE> 2
SHOPKO STORES, INC.
PROFIT SHARING AND SUPER
SAVER PLAN
Financial Statements for the Years
(52 Weeks) Ended February 24, 1996 and
February 25, 1995, Supplemental Schedules
for the Year (52 Weeks) Ended February 24,
1996 and Independent Auditors' Report
<PAGE> 3
SHOPKO STORES, INC. PROFIT SHARING AND SUPER SAVER PLAN
TABLE OF CONTENTS
- --------------------------------------------------------------------------------
PAGE
<TABLE>
<S> <C>
INDEPENDENT AUDITORS' REPORT 1
FINANCIAL STATEMENTS AS OF AND FOR THE YEARS (52 WEEKS)
ENDED FEBRUARY 24, 1996 AND FEBRUARY 25, 1995:
Statements of Net Assets Available for Benefits 2
Statements of Changes in Net Assets Available for Benefits 3
Notes to Financial Statements 4-9
SUPPLEMENTAL SCHEDULES FURNISHED PURSUANT TO THE
DEPARTMENT OF LABOR'S RULES AND REGULATIONS AS OF
AND FOR THE YEAR (52 WEEKS) ENDED FEBRUARY 24, 1996:
Item 27a - Assets Held for Investment Purposes 10-11
Item 27d - Reportable Transactions 12
Other schedules are omitted due to the absence of
conditions under which they are required.
EXHIBITS:
Exhibit I - Independent Auditors' Consent 13
</TABLE>
<PAGE> 4
INDEPENDENT AUDITORS' REPORT
Retirement Committee
ShopKo Stores, Inc. Profit Sharing and Super Saver Plan
Green Bay, Wisconsin
We have audited the accompanying financial statements of ShopKo Stores, Inc.
Profit Sharing and Super Saver Plan (the Plan) as of February 24, 1996 and
February 25, 1995 and for the years (52 weeks) then ended, listed in the Table
of Contents. These financial statements are the responsibility of the Plan's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above, present fairly, in
all material respects, the net assets available for benefits of the Plan as of
February 24, 1996 and February 25, 1995, and the changes in net assets
available for benefits for the years then ended in conformity with generally
accepted accounting principles.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules listed in the
Table of Contents are presented for the purpose of additional analysis and are
not a required part of the basic financial statements, but are supplementary
information required by the Department of Labor's Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income Security Act of
1974. These schedules are the responsibility of the Plan's management. Such
schedules have been subjected to the auditing procedures applied in our audit
of the basic financial statements and, in our opinion, are fairly stated in all
material respects when considered in relation to the basic financial statements
taken as a whole.
July 12, 1996
<PAGE> 5
SHOPKO STORES, INC. PROFIT SHARING AND SUPER SAVER PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
FEBRUARY 24, 1996 AND FEBRUARY 25, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FEBRUARY 24, FEBRUARY 25,
1996 1995
<S> <C> <C>
ASSETS
INVESTMENTS AT FAIR VALUE (Notes 2 and 6):
Mutual funds $112,499,520 $ 84,520,634
Common stock - Shopko Stores, Inc. 13,773,480 7,558,527
Pooled collective funds 4,213,538 4,399,500
Money market fund 3,471,834
------------ ------------
130,486,538 99,950,495
DEPOSITS AND LOANS AT CONTRACT
VALUE (Notes 2 and 6):
Insurance companies 29,252,563 29,838,043
Participant loans 3,783,283 3,155,510
------------ ------------
33,035,846 32,993,553
------------ ------------
TOTAL INVESTMENTS 163,522,384 132,944,048
RECEIVABLES:
Employer contribution 4,947,329 3,893,893
Participants' contributions 1,987 425,958
Accrued interest and dividends 1,082,850 357,434
SUPERVALU 296,330 467,241
CASH 5,084,657 2,493,636
------------ ------------
TOTAL ASSETS 174,935,537 140,582,210
LIABILITIES
ACCRUED ADMINISTRATIVE EXPENSES 4,423 61,446
------------ ------------
NET ASSETS AVAILABLE FOR BENEFITS $174,931,114 $140,520,764
============ ============
</TABLE>
See notes to financial statements.
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<PAGE> 6
SHOPKO STORES, INC. PROFIT SHARING AND SUPER SAVER PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
YEARS (52 WEEKS) ENDED FEBRUARY 24, 1996 AND FEBRUARY 25, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
1996 1995
<S> <C> <C>
ADDITIONS TO NET ASSETS ATTRIBUTED TO:
Investment income:
Net appreciation (depreciation) in fair value of investments $ 20,730,421 $ (5,826,788)
Interest and dividends - net 7,755,516 6,608,014
------------ ------------
28,485,937 781,226
Contributions:
Employer 7,726,962 6,347,600
Participants 9,337,235 9,667,006
Transfers from other plans - net 344,279 171,114
------------ ------------
17,408,476 16,185,720
------------ ------------
Total additions 45,894,413 16,966,946
------------ ------------
Deductions from net assets attributed to:
Benefits paid to participants 10,954,413 13,427,161
Administrative expenses 529,650 770,123
------------ ------------
Total deductions 11,484,063 14,197,284
------------ ------------
Net increase 34,410,350 2,769,662
NET ASSETS AVAILABLE FOR BENEFITS,
BEGINNING OF YEAR 140,520,764 137,751,102
------------ ------------
NET ASSETS AVAILABLE FOR BENEFITS,
END OF YEAR $174,931,114 $140,520,764
------------ ------------
</TABLE>
See notes to financial statements.
-3-
<PAGE> 7
SHOPKO STORES, INC. PROFIT SHARING AND SUPER SAVER PLAN
NOTES TO FINANCIAL STATEMENTS
YEARS (52 WEEKS) ENDED FEBRUARY 24, 1996 AND FEBRUARY 25, 1995
1. DESCRIPTION OF PLAN
The following description of the ShopKo Stores, Inc. Profit Sharing and Super
Saver Plan (the Plan) provides only general information. Participants should
refer to the Plan document for a more complete description of the Plan's
provisions.
ShopKo Stores, Inc. Profit Sharing and Super Saver Plan was originally
established as a noncontributory, defined contribution profit sharing plan for
all full-time employees of ShopKo Stores, Inc. and Subsidiaries (the Company),
SUPERVALU Pharmacies, Inc., and Twin Valu Stores, Inc., all subsidiaries of
SUPERVALU Stores, Inc. On October 16, 1991, an initial public offering was made
whereby ShopKo Stores, Inc. and Subsidiaries became a public company while
SUPERVALU Pharmacies, Inc. and Twin Valu Stores, Inc., continued to be
subsidiaries of SUPERVALU Stores, Inc. A multiple employer plan was established
in which the Company, SUPERVALU Pharmacies, Inc., and Twin Valu Stores, Inc.
participate (collectively called participating employers). SUPERVALU
Pharmacies, Inc. and Twin Valu Stores, Inc. ceased their participation in the
Plan on February 28, 1994. All accounts and assets for such participants were
transferred from the Plan to the SUPERVALU Retail Operations Profit Sharing and
Super Saver Plan. The Plan is now a single-employer plan, with ShopKo Stores,
Inc. as the Plan sponsor.
Under provisions of the Plan, all employees who are full-time (work 1,000
compensated hours per plan year), and are 20 years of age or older are eligible
to participate in the Plan after completing one or more years of eligible
service as defined. Contributions to the Plan are determined each year at the
discretion of the Retirement Committee and/or Board of Directors. The
contributions are limited to the amount deductible for federal income tax
purposes. The employer contribution is allocated among the participants based
on the ratio of each participant's compensation, as defined, to total
compensation of all participants for the year, in accordance with Section
415(d) of the Internal Revenue Code. Allocations are made only to participants
who: 1) are employed on the last day of the Plan year and had 1,000 compensated
hours in the Plan year or 2) terminated their employment by reason of death,
disability, normal retirement, or early retirement, which requires ten years of
Company service and attainment of at least age 55. Separate accounts are
maintained for each participant.
Participants may elect to have their account balances invested in one or more
of the following five funds:
IDS Mutual Fund - Is a growth and income fund which divides its
investments between common stocks, preferred stocks and bonds. The
prospectus of this fund states that the goal of this fund is to provide a
balance of growth of capital and current income.
IDS New Dimensions Fund - Invests primarily in common stocks of companies
showing potential for significant growth and operating in areas where
economic or technological changes are occurring. The prospectus of this
fund states that income is not an investment objective. Instead, this
fund seeks long-term growth of capital.
-4-
<PAGE> 8
Templeton Foreign Fund - Invests in stocks and debt obligations of
companies and governments outside the United States. The prospectus of
this fund states that the goal of this fund is to provide long-term
capital growth through a flexible policy of investing in stocks and debt
obligations of international companies.
Conservative Fund - Which invests in individual common stocks, guaranteed
investment contracts and pooled collective funds which are part of the
American Express Trust Collective Investment Funds available only to
Employee Benefit Trusts. The Collective Investment Funds invest primarily
in bonds, investment contracts and money market investments. Each
participating trust investing in the Funds is credited with units of the
fund. The value of each unit is computed daily based on the fair value of
the net assets of the fund.
ShopKo Stock Fund - Which invests in the common stock of ShopKo Stores,
Inc. Participants cannot elect to have more than 50% of their balances
invested in this fund.
Participant profit sharing accounts are fully vested after the third year of
vesting service with no vesting prior to that time. In the event of normal
retirement at age 65 or thereafter, permanent disability, or death,
participants' accounts become 100% vested. The nonvested amounts in terminated
participants' accounts are forfeited and allocated in the same manner as the
Company's contribution.
A 401(k) plan, referred to as the Super Saver Agreement, is part of the Plan.
This agreement allows for employee contributions under Section 401(k) of the
Internal Revenue Code under which participants may contribute up to 9% (limited
to 6% for highly-compensated participants) of their recognized compensation, as
defined. Amounts contributed by the employees are 100% vested at all times. The
Plan provided for an employer matching contribution, which will be invested in
the ShopKo Stock Fund. The matching contribution will equal 50% of the amount
of the first 6% of compensation contributed by participating employees.
Participants currently employed can only withdraw their 401(k) contributions in
financial hardship situations. Participants may borrow from their Super Saver
accounts subject to certain limitations.
Vested benefits may be withdrawn in a lump sum or retained in the account, at
the option of the participant, upon termination or retirement.
Benefits payable which were authorized but not yet paid as of February 24, 1996
and February 25, 1995 aggregated $1,595 and $78,550, respectively, and are
included in net assets available for benefits for reporting purposes.
Certain amounts previously reported have been reclassified to conform with the
current year presentation.
Administrative expenses are paid by the Plan.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements of the Plan are presented on the accrual basis of
accounting. The current value of investments is determined by the Trustee based
on the closing market prices, if available, at fiscal year end. For those
securities that have no quoted market price, current value represents estimated
fair value, as determined by the Trustee. Guaranteed insurance contracts are
valued at contract value. Contract value represents contributions made under
the contract, plus interest at the contract rate, less funds used to pay
administrative expenses. The estimated fair value of the contracts at February
24, 1996 and February 25, 1995 was approximately $29,526,000 and $30,339,000,
respectively.
-5-
<PAGE> 9
3. PLAN TERMINATION
Although the Company has not expressed an intent to discontinue the Plan, they
may do so at any time subject to provisions set forth in the Employee
Retirement Income Security Act of 1974. In the event of termination of the
Plan, all benefits would fully vest for participants, and the assets of the
Plan would be distributed to the participants based on each individual
participant's interest in the Plan.
4. TRUSTEE AND ADMINISTRATION OF THE PLAN
The Retirement Committee has appointed Bank One Wisconsin Trust Company, N.A.
(Bank One), trustee for the Plan. Certain Plan investments are managed by Bank
One, and therefore, these transactions qualify as party-in-interest. The trust
agreement stipulates that the trustee may resign at any time by giving 90 days
written notice to the Retirement Committee. The Committee may remove the
trustee at any time by giving 30 days written notice of such action to the
trustee. Effective March 1, 1996, the Retirement Committee appointed as trustee
and recordkeeper, American Express Trust Company, a wholly-owned subsidiary of
American Express Financial Corporation, which is a wholly-owned subsidiary of
American Express Company.
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<PAGE> 10
5. CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
Changes in the Plan's net assets available for benefits by fund for the
year (52 weeks) ended February 24, 1996 are shown below:
<TABLE>
<CAPTION>
ShopKo IDS New Templeton
Conservative Stock IDS Mutual Dimensions Foreign Loan
Fund Fund Fund Fund Fund Fund Total
<S> <C> <C> <C> <C> <C> <C> <C>
ADDITIONS TO NET ASSETS ATTRIBUTED TO:
Investment income:
Net appreciation (depreciation) in
fair value of investments $ 610,952 $ 2,127,809 $ 4,146,981 $11,846,202 $ 1,998,477 $ $ 20,730,421
Interest and dividends - net 1,620,771 478,077 1,618,259 2,133,787 1,601,562 303,060 7,755,516
----------- ----------- ----------- ----------- ----------- ---------- ------------
2,231,723 2,605,886 5,765,240 13,979,989 3,600,039 303,060 28,485,937
CONTRIBUTIONS:
Employer 1,043,029 3,977,760 898,083 1,162,314 645,776 7,726,962
Participants 2,085,279 478,020 2,101,916 2,879,048 1,792,972 9,337,235
Transfers from other plans - net 37,305 17,801 98,744 104,796 85,633 344,279
----------- ------------ ----------- ----------- ----------- ----------- ------------
3,165,613 4,473,581 3,098,743 4,146,158 2,524,381 17,408,476
----------- ------------ ----------- ----------- ----------- ----------- ------------
Total additions 5,397,336 7,079,467 8,863,983 18,126,147 6,124,420 303,060 45,894,413
----------- ----------- ----------- ----------- ----------- ----------- ------------
DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:
Benefits paid to participants 3,325,832 945,309 1,800,819 3,296,133 1,397,904 188,416 10,954,413
Administrative expenses 145,780 11,975 91,156 172,315 72,583 35,841 529,650
----------- ----------- ----------- ----------- ----------- ---------- ------------
Total deductions 3,471,612 957,284 1,891,975 3,468,448 1,470,487 224,257 11,484,063
----------- ----------- ----------- ----------- ----------- ---------- ------------
TRANSFERS TO(FROM) (1,244,673) 707,792 3,953,421 (2,161,687) (1,936,154) 681,301 0
----------- ----------- ----------- ----------- ----------- ---------- ------------
NET INCREASE 681,051 6,829,975 10,925,429 12,496,012 2,717,779 760,104 34,410,350
NET ASSETS AVAILABLE FOR
BENEFITS, BEGINNING OF YEAR 35,881,440 9,347,949 27,187,148 41,286,459 23,794,589 3,023,179 140,520,764
----------- ----------- ----------- ----------- ----------- ---------- ------------
NET ASSETS AVAILABLE FOR
BENEFITS, END OF YEAR $36,562,491 $16,177,924 $38,112,577 $53,782,471 $26,512,368 $3,783,283 $174,931,114
=========== =========== =========== =========== =========== ========== ============
</TABLE>
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<PAGE> 11
Changes in the Plan's net assets available for benefits by fund for the
year (52 weeks)ended February 25, 1995 are shown below:
<TABLE>
<CAPTION>
Conservative Stock ShopKo Stock
Fund Fund Fund
<S> <C> <C> <C>
ADDITIONS TO NET ASSETS ATTRIBUTED TO:
Investment income:
Net appreciation (depreciation) in fair value of investments $ (4,743,709) $ (422,047) $ 1,968,943
Interest and dividends - net 185,007 515,969 301,736
------------ ------------ ------------
(4,558,702) 93,922 2,270,679
CONTRIBUTIONS:
Employer 1,054,103 (142,052) 3,431,067
Participants 3,510,698 3,003,206 99,718
Transfers from other plans - net 14,123 93,670 19,357
------------ ------------ ------------
4,578,924 2,954,824 3,550,142
------------ ------------ ------------
Total additions 20,222 3,048,746 5,820,821
------------ ------------ ------------
DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:
Benefits paid to participants 12,595,869 28,264
Administrative expenses 253,224 410,776 10,241
------------ ------------ ------------
Total deductions 12,849,093 410,776 38,505
------------ ------------ ------------
TRANSFERS TO(FROM) (10,448,661) (77,040,186) (624,281)
------------ ------------ ------------
NET INCREASE(DECREASE) (23,277,532) (74,402,216) 5,158,035
NET ASSETS AVAILABLE FOR BENEFITS, BEGINNING OF YEAR 59,158,972 74,402,216 4,189,914
------------ ------------ ------------
NET ASSETS AVAILABLE FOR BENEFITS, END OF YEAR $ 35,881,440 $ 0 $ 9,347,949
============ ============ ============
<CAPTION>
IDS New Templeton
IDS Mutual Dimensions Foreign
Fund Fund Fund
<S> <C> <C> <C>
ADDITIONS TO NET ASSETS ATTRIBUTED TO:
Investment income:
Net appreciation (depreciation) in fair value of investments $ (1,488,627) $ (660,124) $ (481,224)
Interest and dividends - net 1,792,260 1,821,667 1,255
------------- ------------ ------------
303,633 1,161,543 (479,969)
CONTRIBUTIONS:
Employer 596,792 887,739 519,951
Participants 481,598 711,929 456,835
Transfers from other plans - net 13,087 7,317 23,560
------------- ------------ ------------
1,091,477 1,606,985 1,000,346
------------- ------------ ------------
Total additions 1,395,110 2,768,528 520,377
------------- ------------ ------------
DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:
Benefits paid to participants 803,028
Administrative expenses 18,689 41,905 16,193
------------- ------------ ------------
Total deductions 18,689 844,933 16,193
------------- ------------ ------------
TRANSFERS TO(FROM) 25,810,727 39,362,864 23,290,405
------------- ------------ ------------
NET INCREASE(DECREASE) 27,187,148 41,286,459 23,794,589
NET ASSETS AVAILABLE FOR BENEFITS, BEGINNING OF YEAR 0 0 0
------------- ------------ ------------
NET ASSETS AVAILABLE FOR BENEFITS, END OF YEAR $ 27,187,148 $ 41,286,459 $ 23,794,589
============= ========== ============
<CAPTION>
Loan
Fund Total
<S> <C> <C>
ADDITIONS TO NET ASSETS ATTRIBUTED TO:
Investment income:
Net appreciation (depreciation) in fair value of investments $ (5,826,788)
Interest and dividends - net $ 1,990,120 6,608,014
------------- -------------
1,990,120 781,226
CONTRIBUTIONS:
Employer 6,347,600
Participants 1,403,022 9,667,006
Transfers from other plans - net 171,114
------------- -------------
1,403,022 16,185,720
------------- -------------
Total additions 3,393,142 16,966,946
------------- -------------
DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:
Benefits paid to participants 13,427,161
Administrative expenses 19,095 770,123
------------- -------------
Total deductions 19,095 14,197,284
------------- -------------
TRANSFERS TO(FROM) (350,868) 0
------------- -------------
NET INCREASE(DECREASE) 3,023,179 2,769,662
NET ASSETS AVAILABLE FOR BENEFITS, BEGINNING OF YEAR 0 137,751,102
------------- -------------
NET ASSETS AVAILABLE FOR BENEFITS, END OF YEAR $ 3,023,179 $ 140,520,764
============= =============
</TABLE>
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<PAGE> 12
6. INVESTMENTS
Guaranteed insurance contracts with insurance companies are in pooled accounts.
The accounts are credited with earnings and charged for withdrawals and
administrative expenses charged by the insurance companies. The contracts are
included in the financial statements at the February 24, 1996 and February 25,
1995 contract values as reported to the Plan by the insurance companies.
The market value of investments that individually exceeds five percent or more
of the Plan's assets at February 24, 1996 and February 25, 1995 are as follows:
<TABLE>
<CAPTION>
1996 1995
<S> <C> <C>
IDS New Dimensions Fund $ 52,829,976 $35,509,235
IDS Mutual Fund 34,200,730 26,870,362
Templeton Foreign Fund 25,468,814 22,141,037
ShopKo Stores, Inc. Common Stock 13,773,480 7,558,527
------------ -----------
$126,273,000 $92,079,161
============ ===========
</TABLE>
7. TAX STATUS
The Plan obtained its latest determination letter on April 16, 1996, in which
the Internal Revenue Service stated that the Plan, as then designed, was in
compliance with the applicable requirements of the Internal Revenue Code. The
Plan has been amended and restated since applying for the determination letter.
However, the Retirement Committee believes that the Plan is currently designed
and being operated in compliance with the applicable requirements of the
Internal Revenue Code. Therefore, no provision for income taxes has been
included in the Plan's financial statements.
* * * * * * * *
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<PAGE> 13
SUPPLEMENTAL SCHEDULES
FURNISHED PURSUANT TO
DEPARTMENT OF LABOR'S RULES AND REGULATIONS
<PAGE> 14
SHOPKO STORES, INC. PROFIT SHARING AND SUPER SAVER PLAN
ITEM 27a - ASSETS HELD FOR INVESTMENT PURPOSES
FEBRUARY 24, 1996
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES OR CURRENT
DESCRIPTION FACE VALUE COST(1) VALUE(1)
<S> <C> <C> <C>
COMMON STOCKS - ShopKo Stores, Inc.* 1,159,872 $13,136,934 $ 13,773,480
MUTUAL FUNDS:
IDS Mutual Fund 2,575,938 29,949,399 34,200,730
IDS New Dimensions Fund 2,899,241 41,779,902 52,829,976
Templeton Foreign Fund 2,664,102 24,299,861 25,468,814
----------- ------------
Total Mutual Funds 96,029,162 112,499,520
POOLED COLLECTIVE FUNDS -
IDS Trust Income Fund No. 1 104,575 3,997,299 4,213,538
GUARANTEED INSURANCE CONTRACTS:
Ohio National Life Ins. Co.
#GA-5338, 6/24/96, 8.45% 2,000,000 2,000,000 2,000,000
Lincoln National Insurance Co.
#GA-9282, 03/21/97, 6.14% 4,000,000 4,000,000 4,000,000
AETNA Life Insurance Co.
#LT14245, 07/21/97, 6.52% 4,000,000 4,000,000 4,000,000
AIG Life Insurance Co.
#GIC-917, 8/15/00, 6.25% 1,000,000 1,000,000 1,000,000
Confederation Life Insurance Co.
#62036, 1/18/97, 8.90% 1,046,603 1,046,603 1,046,603
Confederation Life Insurance Co.
#62261, 7/12/96, 9.35% 1,004,910 1,004,910 1,004,910
John Hancock Mutual Life
#GAC-8332, 12/15/00, 6.21% 2,000,000 2,000,000 2,000,000
Safeco Life Insurance
#LA-1053359, 2/26/01, 5.69% 1,000,000 1,000,000 1,000,000
United of Omaha Life Ins. Co.
#SDGA-11024, 5/15/00, 7.17% 1,000,000 1,000,000 1,000,000
</TABLE>
(Continued)
-10-
<PAGE> 15
SHOPKO STORES, INC. PROFIT SHARING AND SUPER SAVER PLAN
ITEM 27a - ASSETS HELD FOR INVESTMENT PURPOSES
FEBRUARY 24, 1996
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES OR CURRENT
DESCRIPTION FACE VALUE COST(1) VALUE(1)
<S> <C> <C> <C>
GUARANTEED INSURANCE CONTRACTS (Continued):
Protective Life Ins. Co.
#GA-814, 01/31/98, 6.7% 2,000,000 $ 2,000,000 $ 2,000,000
Protective Life Ins. Co.
#GA-909, 05/29/98, 5.19% 1,000,000 1,000,000 1,000,000
Hartford Life Ins. Co.
#GA9833, 09/30/98, 5.47% 1,061,183 1,061,183 1,061,183
Hartford Life Ins. Co.
#GA-9834, 11/17/98, 5.51% 1,061,632 1,061,632 1,061,632
Allstate Life Ins. Co.
#GA-5551, 02/10/99, 5.82% 1,000,000 1,000,000 1,000,000
Allstate Life Ins. Co.
#GA-5570, 4/30/99, 6.44% 1,000,000 1,000,000 1,000,000
Allstate Life Ins. Co.
#GA-5639, 9/16/99, 7.31% 1,000,000 1,000,000 1,000,000
Hartford Life Ins. Co.
#GA-9997, 10/15/99, 7.43% 1,033,944 1,033,944 1,033,944
Principal Mutual Life Ins. Co.
#4-13187, 6/14/99, 7.25% 1,044,291 1,044,291 1,044,291
United of Omaha Life Ins. Co.
#SDGA-10861, 11/30/99, 7.25% 2,000,000 2,000,000 2,000,000
------------ ------------
TOTAL INSURANCE CONTRACTS 29,252,563 29,252,563
PARTICIPANTS LOANS - Interest rates
ranging 7% to 10% 3,783,283 3,783,283
------------ ------------
TOTAL INVESTMENTS $146,199,241 $163,522,384
============ ============
</TABLE>
*Known to be a party-in-interest
(1)Cost and current value of certain investments represents
cost plus reinvested earnings.
(Concluded)
-11-
<PAGE> 16
SHOPKO STORES, INC. PROFIT SHARING AND SUPER SAVER PLAN
ITEM 27d - REPORTABLE TRANSACTIONS
YEAR (52 WEEKS) ENDED FEBRUARY 24, 1996
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MATURITY
IDENTITY OF ISSUER PURCHASE PROCEEDS OR NET GAIN
AND DESCRIPTION PRICE SELLING PRICE COST (LOSS)
<S> <C> <C> <C> <C>
SERIES TRANSACTIONS:
Bank One Milwaukee Variable
Rate Deposit*
132 sales $ 9,538,281 $ 9,538,281 $0
96 purchases $ 9,538,281 9,538,281
The One Group Prime Money
Market Fund*
490 sales 44,281,903 44,281,903 $0
431 purchases 40,810,069 40,810,069
SINGLE TRANSACTIONS:
NONE
</TABLE>
*Known to be a party-in-interest transaction.
-12-
<PAGE> 17
EXHIBIT I
INDEPENDENT AUDITORS' CONSENT
We consent to the incorporation by reference in Registration Statement No.
33-58584 on Form S-8 of ShopKo Stores, Inc. of our report dated July 12, 1996,
appearing in this Annual Report on Form 11-K of the ShopKo Stores, Inc. Profit
Sharing and Super Saver Plan for the year ended February 24, 1996.
DELOITTE & TOUCHE LLP
Milwaukee, Wisconsin
August 22, 1996
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<PAGE> 18
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the members
of the ShopKo Stores, Inc. Profit Sharing and Super Saver Plan Retirement
Committee, have duly caused this annual report to be signed by the undersigned
there upon duly authorized.
SHOPKO STORES, INC. PROFIT SHARING AND SUPER SAVER PLAN
-------------------------------------------------------
(Name of Plan)
Date: August 22, 1996 By: /s/ Lawrence J. Clark
---------------------------------------
Lawrence J. Clark
ShopKo Stores, Inc. Profit Sharing and Super
Saver Plan Retirement Committee Member
