Financially Happy dot com: Safeway profit down, but sales increase

Thursday, July 19, 2012

Safeway profit down, but sales increase

Safeway profit down, but sales increase:
NEW YORK (MarketWatch) -- Safeway Inc. said Thursday its second-quarter profit fell to $122.7 million, or 51 cents a share, from $145.8 million, or 41 cents a share, in the year-ago period. Earnings from continuing operations rose to 50 cents a share from 42 cents a share. The supermarket firm's revenue increased to $10.39 billion from $10.2 billion. Shares outstanding dropped to 239.8 million from 352.3 million. Wall Street analysts expected Safeway to earn 49 cents a share on sales of $10.3 billion, according to a survey by FactSet Research. "We are encouraged to see that our volume trends are improving as inflation has eased, and we are pleased to see market share gains in the grocery channel and a slight gain in market share in all food-related channels," the Pleasanton, Calif., company said.
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Thursday, July 19, 2012

Safeway profit down, but sales increase

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