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<PAGE>
EXHIBIT 12.1
SUPERVALU INC. and Subsidiaries
Ratio of Earnings to Fixed Charges
For Fiscal Years Ended
<TABLE>
<CAPTION>
(In thousands, except ratios) 1st Qtr 2001 1st Qtr 2000 1st Qtr 2000* 2000 2000*
------------ ------------ ------------- ---- -----
<S> <C> <C> <C> <C> <C>
Earnings before income taxes $116,998 $152,220 $ 92,154 $447,454 $387,388
Less undistributed earnings of less than
fifty percent owned affiliates (3,080) (1,636) (1,636) (6,605) (6,605)
-------- -------- -------- -------- --------
Earnings before income taxes 113,918 150,584 90,518 440,849 380,783
Interest expense 63,636 35,570 35,570 154,482 154,482
Interest on operating leases 8,165 5,036 5,036 23,838 23,838
-------- -------- -------- -------- --------
$185,719 $191,190 $131,124 $619,169 $559,103
======== ======== ======== ======== ========
Total fixed charges 71,801 40,606 40,606 178,320 178,320
======== ======== ======== ======== ========
Ratio of earnings to fixed charges 2.59 4.71 3.23 3.47 3.14
======== ======== ======== ======== ========
<CAPTION>
(In thousands, except ratios) 1999 1998 1998* 1997 1996
---- ---- ----- ---- ----
<S> <C> <C> <C> <C> <C>
Earnings before income taxes $316,261 $384,780 $294,746 $280,512 $267,692
Less undistributed earnings of less than
fifty percent owned affiliates (5,943) (7,388) (7,388) (15,813) (11,136)
-------- -------- -------- -------- --------
Earnings before income taxes 310,318 377,392 287,358 264,699 256,556
Interest expense 124,111 133,619 133,619 136,831 140,150
Interest on operating leases 18,574 18,010 18,010 16,950 17,059
-------- -------- -------- -------- --------
$453,003 $529,021 $438,987 $418,480 $413,765
======== ======== ======== ======== ========
Total fixed charges 142,685 151,629 151,629 153,781 157,209
======== ======== ======== ======== ========
Ratio of earnings to fixed charges 3.17 3.49 2.90 2.72 2.63
======== ======== ======== ======== ========
</TABLE>
* excludes one-time items
2000 gain on sale and restructuring and other charges of $60,066
1998 gain on sale of ShopKo of $90,034
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