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California and the West | EARNINGS ROUNDUP

Store Makeovers Help Lift Safeway's Profit 9%

April 28, 2006|From the Associated Press

Safeway Inc.'s first-quarter profit rose 9%, continuing the grocer's recent gains from cost cutting that alienated many employees and from store improvements that are reeling in more shoppers.

The Pleasanton, Calif.-based company said it earned $142.9 million, or 32 cents a share, for the three months ended March 25. That compared with net income of $131.3 million, or 29 cents, a year earlier. Revenue for the latest period totaled $8.89 billion, a 3% increase.

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