Safeway Profits Fall On Costs Related To Canadian Operations

PLEASANTON (CBS/AP) — Grocery store chain Safeway Inc. said 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 a 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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