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November 29, 2009

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Profit falls 21 percent as spending rises

Tuesday, Oct. 19, 2004 | 11:06 a.m.

Safeway Inc., the No. 3 U.S. grocer and owner of Vons stores in Las Vegas, said third-quarter earnings fell 21 percent, more than analysts expected, after it increased advertising and promotional spending to gain customers lost during a Southern California supermarket strike.

Net income dropped to $159.2 million, or 35 cents a share, from $202.5 million, or 45 cents, a year earlier, Pleasanton, Calif.-based Safeway said in a statement. Sales in the period ended Sept. 11 rose 0.3 percent to $8.3 billion.

Chief Executive Steve Burd failed to win back shoppers who switched to competitors during the 20-week strike. Profit was reduced by $45 million, or 10 cents, as a result.

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