Summary Box: Safeway 3Q net income falls

AP News
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Posted: Oct 14, 2010 10:46 AM
Summary Box: Safeway 3Q net income falls

THE QUARTER: Safeway's third-quarter net income fell 4.7 percent on severance charges and weaker sales as the grocer continued trying to balance pricing and profitability.

THE OUTLOOK: Safeway now expects full-year earnings per share results and sales excluding fuel to be at the lower end of guidance.

THE NUMBERS: Safeway earned $122.8 million or 33 cents per share, in the three months ending Sept. 11, down from $128.8 million or 31 cents per share, last year. Safeway paid out $12 million or 2 cents per share in severance charges. Revenue fell less than 1 percent to $9.4 billion.