Tags: US | earnings | Safeway | supermarket

Safeway 2Q Adjusted Earnings Beat Street

Thursday, 18 Jul 2013 10:01 AM

Grocery store chain Safeway Inc. says its profit fell in the second quarter on one-time costs partly related to a deal to sell its Canadian operations.

Still, the grocer's adjusted results topped Wall Street expectations.

For the period ended June 15, net income fell to $8.4 million, or 3 cents per share. That compares with net income of $122.7 million, or 51 cents per share, a year ago.

Adjusted for one-time items, net income totaled 51 cents per share. Analysts expected 50 cents per share, according to FactSet.

The company said revenue at stores open at least a year, a key retail metric, rose 1.2 percent.

Revenue fell nearly 2 percent to $8.7 billion from $8.83 billion, hurt by lower fuel sales.

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Grocery store chain Safeway Inc. says its profit fell in the second quarter on one-time costs partly related to a deal to sell its Canadian operations.
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2013-01-18
Thursday, 18 Jul 2013 10:01 AM
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