PLEASANTON, Calif. — Sales and earnings dipped in the fiscal 2010 third quarter at Safeway.
Sales and earnings dipped in the fiscal 2010 third quarter at Safeway.
The supermarket chain said overall revenue for the 12 weeks ended September 11 came in at $9.4 billion, down about 1% compared with the prior-year period.
Same-store sales excluding fuel fell 2%, with the company citing a decrease in the price per item.
Net income in the 2010 quarter totaled $122.8 million, or 33 cents per diluted share, compared with $128.8 million, or 31 cents per diluted share, a year earlier. Employee severance costs of $12 million impacted earnings, according to Safeway.
“Our third quarter results were in line with our expectations,” chairman and chief executive officer Steve Burd stated.
“The trend in price per item improved during the quarter. We expect this trend to continue as we anniversary the price investments we made in the second half of 2009,” Burd explained. “We continue to tailor our offerings to the changing needs of our customers.”