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Related Categories: California | Labor & Workers
Safeway's sales dip slightly
by corporate media repost
Wednesday Feb 11th, 2004 4:21 PM
The target of a massive strike for health care and a local boycott campaign, Safeway is now reporting lower same store sales. Unions announced today that they will begin a comprehensive statewide boycott of Safeway.
April 15, 2003

Safeway's comparable store sales dip slightly

The preliminary results are in: Pleasanton-based grocery chain Safeway Inc. (NYSE: SWY) anticipate flat total sales and a decline in same store sales by half a percentage point for the quarter ended march 22, due mainly lower gross margins and higher operating and administrative costs.

The company, which operates 1,695 stores in the U.S. and Canada, expects to report diluted earnings per share from continuing operations ranging between 43 cents and 45 cents per share. For 2002's comparable period, Safeway reported a net loss of $367.9 million on revenue of $7.9 billion.

Safeway officials blamed the centralization of its marketing efforts for a large portion of increased expenses this most recent quarter. Steven Burd, Safeway's chairman and CEO, said the preliminary first quarter results are an improvement compared with fourth quarter results, but that more needs to be done to improve same-store tallies. He added that chain has made progress with training and organizing the stores.

The company expects to announce final financial results for the quarter on May 1.

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TITLE AUTHOR DATE
Nothing about the strike...ultra viresWednesday Feb 11th, 2004 11:14 PM
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