Safeway Inc. has reported its second quarter 2012 results. Income from continuing operations were $121.7 million for the second quarter of 2012 compared to $146.0 million in the second quarter of 2011. Sales and other revenue was reported as $10.4 billion in the second quarter, an increase of 1.9% to from $10.2 billion in the second quarter of 2011. This was primarily due to higher fuel sales and an identical-store sales increase of 0.8%, excluding fuel. Steve Burd, Chairman and CEO, stated, "Identical-store sales, excluding fuel, increased 0.8% in the second quarter of 2012." He continued, "We are encouraged to see that our volume trends are improving as inflation has eased, and we are pleased to see market share gains in the grocery channel and a slight gain in market share in all food-related channels...We expect continued momentum as participation grows in our just for U™ loyalty program that is now available in all U.S. divisions and as we enhance our fuel rewards programs and expand our health and wellness initiatives."
Keep the going the whole year strong.
