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.

(Copyright 2013 by CBS San Francisco. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)


More From CBS San Francisco

Get The New CBS SF Bay Area Local App
Got Our Weather App?

Listen Live