<PAGE>
 
                                                                   EXHIBIT 10.33
 
                            SECURED PROMISSORY NOTE



$125,000.00                                                        April 7, 1997


          FOR VALUE RECEIVED, the undersigned, Joseph H. Fernandez, ("Borrower")
hereby promises to pay to the order of Buttrey Food and Drug Stores Company, a
Delaware corporation ("Payee"), the principal sum of ONE HUNDRED TWENTY-FIVE
THOUSAND AND 00/100 dollars ($125,000.00) together with interest on the unpaid
balance of such principal amount from the date hereof at 9.25% per annum.
Accrued interest shall be payable quarterly in arrears commencing on June 30,
1997 and continuing on the last day of each succeeding September, December,
March and June thereafter until paid in full.  The principal balance of, and all
accrued and unpaid interest on, this Secured Promissory Note (this "Promissory
Note") shall be payable in full by Borrower to Payee on March 1, 2001.

          Payments of principal and interest on this Promissory Note shall be
made in legal tender of the United States of America and shall be made at the
executive offices of Payee at Great Falls, Montana or at such other place as
Payee shall have designated in writing to Borrower.  If the date set for any
payment of principal or interest on this Promissory Note is a Saturday, Sunday
or legal holiday, then such payment shall be due on the next succeeding business
day.

          As of the date hereof, Borrower has purchased 112,280 shares (the
"Shares") of the capital stock of Payee pursuant to the terms of that certain
Stock Subscription Agreement dated as of March 1, 1993 by and among Payee, FS
Equity Partners II, L.P. ("FSEP II") and Borrower (as amended by that certain
letter agreement of even date herewith by and among Payee, FSEP II and Borrower
(the "Letter Agreement"), the "Subscription Agreement").  Payment of this
Promissory Note shall be secured by the Shares as provided in that certain Stock
Pledge Agreement made as of March 9, 1993 by and between Payee and Borrower (as
amended by the Letter Agreement, the "Pledge Agreement").

          The principal balance of, and accrued and unpaid interest on, this
Promissory Note may be prepaid at any time, in whole or in part, without premium
or penalty and must be prepaid in accordance with the provisions of Section 7 of
the Pledge Agreement.

          In the event Borrower shall (i) fail to make complete payment of any
installment of accrued interest under this Promissory Note within five days
after payment of such installment of accrued interest is due; (ii) fail to make
complete payment of principal when due under this Promissory Note; (iii) fail to
make the prepayment of principal and accrued interest on this Promissory Note as
required by the fourth paragraph hereof; or (iv) commit a material breach of or
material default under the Subscription Agreement or the
<PAGE>
 
Pledge Agreement, Payee may accelerate this Promissory Note and may, by written
notice to Borrower, declare the entire unpaid principal amount of this
Promissory Note and all accrued and unpaid interest thereon to be immediately
due and payable and, thereupon, the unpaid principal amount and all such accrued
and unpaid interest shall become and be forthwith due and payable, without
presentment, demand, protest or further notice of any kind, all of which are
hereby expressly waived by Borrower.  The failure of Payee to accelerate this
Promissory Note shall not constitute a waiver of any of Payee's rights under
this Promissory Note as long as Borrower's default under this Promissory Note or
breach of or default under the Subscription Agreement or the Pledge Agreement
continues.

          The provisions of this Promissory Note shall be governed by and
construed in accordance with the laws of the State of Montana without regard to
the conflicts of law rules thereof.  In the event that Payee is required to take
any action to collect or otherwise enforce payment of this Promissory Note,
Borrower agrees to pay such reasonable attorneys' fees and court costs as Payee
may incur as a result thereof, whether or not suit is commenced.

          All notices, requests, demands or other communications (collectively,
"Notices") under this Promissory Note shall be delivered in accordance with the
provisions of Section 9(c) of the Subscription Agreement to the address(es) set
forth therein; provided, that Notices to Borrower shall be sent to his attention
               --------                                                         
at 801 Grizzly Drive, Great Falls, Montana 59404.

          IN WITNESS WHEREOF, this Promissory Note has been duly executed and
delivered by Borrower on the date first above written.

                              BORROWER:


                               /s/ Joseph H. Fernandez
                              ------------------------
                              Joseph H. Fernandez

                                      2.