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Earnings and Outlook Roundup

Safeway forecasts growth in profit

December 14, 2007|From Times Wire Services

Vons parent Safeway Inc. said profit might grow next year on new product lines and increased sales at its remodeled stores.

Earnings will be $2.25 to $2.35 a share, the Pleasanton, Calif.-based supermarket company said. That compares with the $2.27 average estimate of analysts surveyed by Bloomberg. Identical-store sales, excluding gasoline, may grow as much as 3.2%, Safeway said. Identical-store sales are sales at stores open at least five quarters.

Safeway shares rose $1.06, or 3.1%, to $35.50.

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