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BULLETIN: SAFEWAY EARNINGS JUMP $4.5 MILLION TO $145.8 MILLION IN 2ND QUARTER

July 21, 2011
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Safeway Inc. saw quarterly earnings rise $4.5 million year-over-year  to $145.8 millionin its fiscal second quarter, the Pleasantoville, Calif., retailer reported Thursday. Revenues increased 7.1 percent to $10.2 billion in the quarter compared with $9.5 billion in the same period last year.

 



Safeway Inc. saw quarterly earnings rise $4.5 million year-over-year  to $145.8 million in its fiscal second quarter, the Pleasantoville, Calif., retailer reported Thursday. Revenues increased 7.1 percent to $10.2 billion in the quarter compared with $9.5 billion in the same period last year.
 
"Second quarter earnings results exceeded our expectations," said Steve Burd, Chairman, president and CEO. "Identical-store sales improved during the second quarter and into the third quarter. We remain focused on building customer loyalty and expect sales to continue to gradually improve through the second half of the year."
 
"At the same time, our cost reduction and profit improvement efforts helped generate improved earnings results in the second quarter," said Burd in a statement, "and we expect these efforts to contribute to earnings for the balance of the year."

Senior Safeway executives will discuss the quarter in a conference call later this morning.
 
 

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