PLEASANTON (CBS/AP) — Safeway Inc.’s fiscal third-quarter profit rose 6 percent as the grocery chain generated stronger revenue from gasoline sales and cost control efforts. Its shares rose more than 4 percent in premarket trading.

The operator of Von’s, Dominicks, Safeway and other grocery chains reported Thursday that its net income rose to $130.2 million, or 38 cents per share, for the period ended Sept. 10. That’s up from $122.8 million, or 33 cents per share, a year ago.

Revenue rose 7 percent to $10.06 billion from $9.4 billion.

The performance topped the 35 cents per share on revenue of $9.85 billion that analysts expected.

Its stock gained 75 cents, or 4.2 percent, to $18.72 in premarket trading.

The Pleasanton, Calif., company reaffirmed its full-year earnings forecast and guidance for revenue at stores open at least a year.




(Copyright 2011 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)



Leave a Reply

Please log in using one of these methods to post your comment:

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

Watch & Listen LIVE