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Safeway's sales dip slightly
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.
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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Just like corporate media to ignore the dislocation and human disaster being caused by management's never ending drive to fuck over workers as far as they will bend. That's why we call it CORPORATE media. No notation in the article at all that Safeway's partner stores have been locked out/struck for nearly five months.
When our labor sections and international sections in the paper are as big as the business section, then we will be about as close to a capitalistally balanced media as reasonable.
When our labor sections and international sections in the paper are as big as the business section, then we will be about as close to a capitalistally balanced media as reasonable.
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