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2003 FIRST-HALF FINANCIAL RESULTS

Below are financial results for the 10 largest supermarket chains with public equity or public debt. Although reporting periods vary, the chart represents sales, operating income and same-store sales for the two quarters most closely paralleling the first half of the calendar year 2003./03-8/1/03Safeway: $15.3; +2.7%; $818.4; -29.0%; -1.8%*; -1.7%*; 12/29/02-6/14/03Delhaize America: $7.5; -0.2%; $354.0;

Below are financial results for the 10 largest supermarket chains with public equity or public debt. Although reporting periods vary, the chart represents sales, operating income and same-store sales for the two quarters most closely paralleling the first half of the calendar year 2003.

/03-8/1/03

Safeway: $15.3; +2.7%; $818.4; -29.0%; -1.8%*; -1.7%*; 12/29/02-6/14/03

Delhaize America: $7.5; -0.2%; $354.0; +5.4%; -2.2%; +0.7%; 12/29/02-6/28/03

A&P (b): $5.7; +2.1%; $122.0 (a); -34.4%; +0.5%; -0.1%; 12/1/02-6/14/03

Winn-Dixie (c): $5.5; -3.6%; $141.4; -27.7%; -2.0%; -4.5%; 1/9/03-6/25/03

Pathmark: $2.0; +1.8%; $46.3; +6.9%; +1.9%; +0.6%; 2/2/03-8/2/03

Whole Foods (d): $1.5; +15.9%; $89.2; +20.4%; +7.0%; +7.6%; 1/20/03-7/6/03

Stater Bros. (d): $1.4; +3.0%; $33.6; -9.7%; +3.0%; +1.8%; 12/30/02-6/29/03

Harris Teeter (d): $1.2; +3.8%; $46.8; +4.3%+1.1%; +1.7%; 12/31/02-6/29/03

*Same-store sales excluding fuel.

(a) Earnings before interest, taxes, depreciation and amortization; (b) A&P results are for the fourth and first quarters; (c) Winn-Dixie results are for the third and fourth quarters; (d) results for Whole Foods, Stater Bros. and Harris Teeter are for the second and third quarters.

SOURCE: SN research