Las Vegas Sun

November 16, 2009

Currently: 58° | Complete forecast | Log in

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.

archive

  • Most Read
  • Discussed
  • Most E-mailed

Complete Listing

Calendar »

  • 16 Mon
  • 17 Tue
  • 18 Wed
  • 19 Thu
  • 20 Fri