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Business Briefing / Earnings

Safeway lowers forecast for year

July 24, 2009|Times Wire Reports

Budget-conscious shoppers and falling fuel and commodity prices took a toll on Safeway Inc. during its second quarter, and the grocery store operator, which doesn't expect the picture to improve soon, lowered its full-year earnings forecast.

Pleasanton, Calif.-based Safeway earned $238.6 million, or 57 cents a share, for the second quarter, up from $234.3 million, or 53 cents, in the year-earlier period. The slight profit improvement was largely because of a $57.8-million benefit from the resolution of a tax matter. Revenue fell 6.5% to $9.5 billion, including the effect of lower fuel sales.

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