Safeway posts disappointing sales, trims full-year forecast - The Packer

Safeway posts disappointing sales, trims full-year forecast

07/22/2011 01:15:00 PM
Dan Gailbraith

Safeway posted net income of $145.8 million during the quarter ended June 18, up 3.2% from the same period in 2010. Total revenue rose 7.1% to $10.2 billion.

Pleasanton, Calif.-based Safeway is the second-largest U.S.-based supermarket chain based on sales behind Kroger Co., though Wal-Mart sells more food than both combined. Last year, Wal-Mart’s U.S. grocery business generated sales of about $140.6 billion.

In afternoon trading July 22 Safeway shares fell 59 cents, or 2.8%, to $20.88. The stock is down 7.2% this year.

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Robert Larose    
East Hartford, CT  |  July, 28, 2011 at 04:12 PM

Maybe we should as a country start to get serious about getting ourselves out of this recession and get an administration that can help support the business community so that Wal-Mart and Safeway do not have to compete for the low income dollar and re-build our middle class....where the money should be; not food stamps

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