Safeway’s Quarterly Earnings Up 15%
- Share via
Safeway Inc.’s fiscal third-quarter profit rose 15% as the third-biggest U.S. supermarket chain controlled costs and boosted sales of more profitable store-brand products.
Net income matched analysts’ forecasts, rising to $309.2 million, or 60 cents a share, from $270 million, or 53 cents, a year earlier. Sales in the period ended Sept. 8 rose 6.8% to $7.96 billion from $7.46 billion, the company said.
Safeway held down costs by reducing theft and food spoilage. Profit margins widened as the company boosted sales of private-label goods, which have a 10% higher return than national brands.
Shares of Pleasanton, Calif.-based Safeway rose $1.22 to close at $39.72 on the NYSE. They have fallen 38% this year.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
