News Summary: Safeway 4Q profit jumps 13 percent

AP News
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Posted: Feb 21, 2013 11:08 AM

THE NEWS: Grocery store operator Safeway said Thursday its net income jumped 13 percent in the fourth quarter. Revenue edged up 1 percent to $13.77 billion.

THE CONTEXT: Results beat expectations and shares rose. The Pleasanton, Calif.-based grocer said its "Just for U" customer loyalty program, which offers personalized discounts based on past purchases, is driving market share gains and profits.

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WHAT'S NEXT: Safeway will give financial guidance on March 6.