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Safeway profit down 9%

Wednesday, Oct. 2, 2002 | 11:10 a.m.

SUN STAFF AND WIRE REPORTS

PLEASANTON, Calif. -- Safeway Inc., owner of Vons markets in Las Vegas, reported a 9 percent drop in its fiscal third-quarter profit, reflecting lackluster sales growth and its continuing struggle with soft economic conditions.

The Pleasanton-based grocery store chain said net income came to $281.3 million, or 60 cents a share, for the quarter ended Sept. 7, compared with $309.2 million, or 60 cents a share, a year earlier.

During a conference call in June, Safeway Chairman and Chief Executive Steven A. Burd told analysts the company expected third-quarter earnings of 60 cents to 62 cents a share. At that time, analysts had expected earnings of 75 cents a share.

Sales edged up 1.2 percent to $8.06 billion from $7.96 billion a year earlier, thanks mainly to new store openings. Sales at stores open at least a year, however, slipped 0.7 percent because of competition and ongoing economic weakness.

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