Safeway 2Q Profit Rises, Edging Past Analyst View Save Email Print
Posted: 8:14 AM Jul 17, 2008
Last Updated: 8:14 AM Jul 17, 2008
Reporter: Associated Press

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Safeway says its second-quarter profit rose to slightly beat Wall Street expectations as sales from its Lifestyle format stores lifted results.

The Pleasanton, Calif.-based grocery-store operator says profit rose to $234.3 million, or 53 cents per share, from $218.2 million, or 49 cents per share, in the year-ago quarter.

Analysts polled by Thomson Financial expected a profit of 52 cents per share.

Revenue rose 3 percent to $10.12 billion from $9.82 billion. Analysts expected sales of $10.25 billion.

Safeway said contributions from its Lifestyle stores, higher fuel sales and a stronger Canadian dollar helped results during the quarter.

Safeway operates more than 1,700 stores in the U.S. and Canada, including at least 120 in Colorado.

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