July 25, 2003 |
Supermarket giant Safeway Inc. said Thursday that its fiscal second-quarter profit fell 48% partly because of restructuring expenses and write-downs related to its troubled Dominick's chain in the Midwest. Net income in the quarter ended June 14 dropped to $161 million, or 36 cents a share, from $309.3 million, or 63 cents, a year earlier. The latest earnings fell below analysts' consensus estimate of 47 cents a share. Sales at the Pleasanton, Calif.
April 6, 2004 |
A group of disgruntled Safeway Inc. investors said they met with a majority of the company's stockholders Monday, hoping to turn up the heat on the slumping supermarket giant and force a change in command later this spring. About 55% of Safeway's outstanding shares were represented at an hourlong meeting held in New York, with 93 representatives either showing up in person or participating by telephone, said New York State Comptroller Alan Hevesi, one of the meeting's leaders.
February 1, 2004
Safeway Inc. execs get millions while grocery workers get the shaft ("Safeway Rewards 11 Top Execs," Jan. 26). Chief Executive Steven Burd should be ashamed, but I don't think he and his fellow executives have any feelings. After all, they've cashed in their stock and made a bundle. Now the company can fall apart. Grocery companies and grocery workers have lost too much already, more than they can ever make up. But Burd and his cohorts are raking it right into their pockets, while the employees could possibly lose their pensions, health plans and any hope they have of enjoying a decent life.
April 16, 2003 |
Supermarket giant Safeway Inc. on Tuesday warned of a lower-than-expected profit in its fiscal first quarter, a result of slumping sales, lower margins and higher expenses. The Pleasanton, Calif.-based company, which operates about 1,700 stores including Vons and Pavilions in Southern California, blamed its declining profit on the high cost of streamlining its marketing efforts and continued soft sales.
September 9, 2004 |
Safeway Inc. Chief Executive Steven Burd said Wednesday that its new labor contract in Southern California should lower the pay gap by one-third between it and non-union rivals such as Wal-Mart Stores Inc., helping to free up capital to expand and remodel Safeway's stores.
November 19, 2003 |
Shares of Longs Drug Stores Corp. surged as much as 17% on Tuesday on speculation that the company might be acquired by another grocery or drug retailer. The stock reached a high of $25.60 before closing at $24.12, up $2.23, or 10%, on the New York Stock Exchange. More than 2.9 million of the company's approximately 37 million shares changed hands. "It has to be takeover speculation," said Franklin Morton, who manages $15 billion in assets at Ariel Capital Management in Chicago, including 5.
December 15, 2005 |
Vons parent Safeway Inc. said Wednesday that profit might rise as much as 15% next year as the grocery company benefited from remodeled stores. Earnings will probably climb to $1.55 to $1.65 a share, Pleasanton, Calif.-based Safeway said in a statement. The company said comparable-store sales would increase about 3% in 2006, exceeding its forecast gain of as much as 2.8% this year. Safeway, the third-largest U.S.
April 7, 2004 |
The Oregon Public Employees Retirement System joined the campaign to oust from the board of Safeway Inc. Chairman Steven Burd and two directors, bolstering an effort launched by four state pension funds in March. The five funds, which hold 7.5 million company shares, are protesting a 60% decline in Safeway's stock price in the last five years, directors' ties to buyout firm Kohlberg Kravis Roberts & Co. and their business links to the No. 3 U.S. supermarket chain.
January 31, 2011
Your Jan. 3 story "Is It Your Boss' Business?" contains a misrepresentation about Safeway's experience controlling healthcare costs. Here are the facts straight from the source. Safeway's "all in" healthcare costs (for employees and the company) are the same today as they were five years ago, which is 33% lower than the national average increase in healthcare costs. During this period, Safeway reversed the national trend of rising obesity within our workforce and reduced the weight of that same group year-over-year.
October 14, 1998 |
Safeway Inc., further accelerating the rapid consolidation of the U.S. supermarket industry, said Tuesday that it's buying Chicago-area chain Dominick's Supermarkets Inc. for $1.2 billion in cash. By adding Dominick's 112 stores, Safeway, which also owns the Vons chain, would operate 1,490 outlets in 18 states and have annual revenue of nearly $27 billion. Safeway, based in Pleasanton, Calif.