Trade Resources Economy Safeway Inc Ends Its Financial Year with an Acceleration "Pleasing" Q4

Safeway Inc Ends Its Financial Year with an Acceleration "Pleasing" Q4

US retailer Safeway Inc ended its financial year with an acceleration in underlying sales growth in the final quarter and earnings per share that beat analyst forecasts.

Safeway reported an 0.8% rise in identical-store sales, excluding fuel, for the fourth quarter, which ended on 29 December. For the year as a whole, identical-store sales without fuel were up 0.5%.

The retailer said it had gained market share in its core supermarket channel and across all its outlets. Volumes also bucked a downward trend in the market, up 0.3%.

Underlying earnings per share for the quarter were $0.94, compared to a consensus forecast on Wall Street of $0.77. Net income and operating profit rose in the quarter higher sales offset investment in price. Safeway's top line increased 1.2% to $13.77bn.

Over the year, net income increased, although operating profit fell. The annual sales increase was not enough to offset the spending Safeway made in price.

Source: http://www.just-food.com/news/safeway-ends-fy-with-pleasing-q4_id122271.aspx
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Safeway Ends FY with "Pleasing" Q4