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.