Safeway 3Q net income, sales down

by Meat&Poultry Staff
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PLEASANTON, Calif. – Safeway Inc.’s net income was $122.8 million ($0.33 per diluted share) for the third quarter of 2010 compared to $128.8 million ($0.31 per diluted share) for the third quarter of 2009. Total sales were $9.4 billion in the third quarter of 2010, down slightly compared to $9.5 billion in the third quarter of 2009.

“Our third quarter results were in line with our expectations,” said Steve Burd, chairman, president and CEO. “The trend in price per item improved during the quarter. We expect this trend to continue.”

Net income for the first 36 weeks of 2010 was $360.1 million ($0.94 per diluted share) compared to $511.6 million ($1.21 per diluted share) in the first 36 weeks of 2009. Sales and other revenue was $28.2 billion, roughly the same as it was for the first 36 weeks of 2009.

Safeway Inc. is one of the largest food and drug retailers in North America based on sales. The company operates 1,702 stores in the US and Canada.
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