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Safeway's Income Spikes For First Quarter

Safeway's Income Spikes For First Quarter

Pleasanton, CA
By Delimarket.TV Staff

Safeway has announced financial results for the first quarter. Net income spiked from $72.9 million to $118.9 million. Sales remained essentially flat at $10.0 billion due to the last year’s sale of 27 Genuardi’s stores and lower fuel sales.

Identical-store sales, excluding fuel, rose 1.5%. Volume increased by 0.5%, which was positively impacted by a calendar shift.

Operating profit margin declined 10 basis points to 1.80% in the first quarter of 2013 from 1.90% in the first quarter of 2012. Excluding fuel, operating profit declined seven basis points.
"We are pleased that we continued to see market share gains in the first quarter," said Steve Burd, Chairman and CEO. "Just for U™ usage continues to grow, and our partner fuel reward program is rolling out on schedule and resonating well with consumers."
"In addition," said Burd, "the successful IPO of Blackhawk Network Holdings last week highlights the value we are creating for our stockholders. The proceeds from our sale of Blackhawk stock were used to pay down debt."