July 20, 2007 |
Safeway Inc.'s second-quarter profit slipped 11% because of an unusual twist on its income taxes, but the second-largest U.S. grocer remained on a sales upswing that has been propelled by a makeover of its stores. The results released Thursday were overshadowed by concerns that rising food and dairy prices might squeeze Safeway's profit margins for the rest of the year. Those worries contributed to a more than 2% decrease in its stock price. The Pleasanton, Calif.-based company earned $218.
July 19, 2007 |
Responding to concerns from members of Congress, Safeway Inc. is halting the sale of meat packaged in carbon monoxide gas, which makes the products appear fresher. Reps. John D. Dingell and Bart Stupak, both Michigan Democrats, wrote last month to three large meatpacking companies and to Safeway, the country's biggest grocery chain, asking them to stop the practice. Safeway was the first to respond. In a letter to Dingell and Stupak, the Pleasanton, Calif.
April 27, 2007 |
Safeway Inc.'s first-quarter profit rose 22% with the nation's second-largest grocer off to its fastest start in six years, but management said Thursday that it was too early to raise earnings projections for the rest of 2007. The Pleasanton, Calif.-based company made $174.4 million, or 39 cents a share, during the three months that ended March 24, compared with $142.9 million, or 32 cents, a year earlier.
April 5, 2007 |
Safeway Inc. rewarded its chief executive with a 2006 pay package valued at $11.5 million for leading the grocer to its highest profit in five years, according to an analysis of a regulatory filing. Steve Burd, Pleasanton, Calif.-based Safeway's CEO for the last 14 years, received $2.64 million in nonequity incentives to supplement a $1.33-million salary and $212,298 in perquisites, according to documents filed with the Securities and Exchange Commission.
March 2, 2007 |
Of all those who've lauded Gov. Arnold Schwarzenegger's plan for universal health coverage -- Democratic lawmakers, administration factotums, think-tank policy wonks and assorted others -- none has stood out quite like Steve Burd, the chairman and chief executive of Safeway Inc.
February 23, 2007 |
Safeway Inc.'s fourth-quarter profit surged 77% to cap the grocer's best performance in five years, a comeback driven by contentious cost-cutting and a recent makeover that has infused more elegance into its stores. Although the results released Thursday exceeded analyst expectations, the showing still wasn't enough to satisfy investors who were apparently disappointed by Safeway's slowing sales growth and conservative outlook for this year. Safeway shares fell by more than 3%.
December 13, 2006 |
Safeway Inc. said Tuesday that plans including organic baby food and massive growth in its relatively unknown Blackhawk gift card unit should help increase long-term earnings per share by 12% to 15% and perhaps top Wall Street's expectations in 2007. The No. 3 U.S. grocer, which met with analysts and investors, also said it planned to spend $1.7 billion to open about 25 stores and remodel about 275 others next year. Shares of Safeway closed up 71 cents, or 2.2%, at $33.
October 13, 2006 |
Safeway Inc.'s effort to lure shoppers from upscale rivals such as Whole Foods Market appears to be paying dividends at the checkout counter. The Pleasanton, Calif.-based parent of the Vons and Pavilions grocery chains said Thursday that fiscal third-quarter profit jumped 42% as it continued to roll out stores based on its so-called lifestyle format, which features high-end meat and produce as well as design flourishes such as subdued lighting and earth-tone color schemes.
July 21, 2006 |
Vons parent Safeway Inc. beat analysts' earnings expectations for the second quarter and raised its outlook for the remainder of the year, providing the strongest indication yet that the nation's third-largest grocer has finally recovered from years of labor strife and sales erosion. The Pleasanton, Calif.-based company said Thursday that it made $246.2 million, or 55 cents a share, in the three months ended June 17.