Tuesday, October 18, 2011

Safeway announces quarterly earnings, beats the street

Safeway's (Genuardi's) third quarter earnings of .38 cents per share beat analysts' estimates by three cents. The company, which released its earnings last week, credited positive sales momentum and cost control measures when discussing its results.

Safeway, which has stores under the Safeway, Vons and Dominick's banners, also owns Genuardi's here in the Greater Philadelphia market. Store closings and decreasing sales has led to speculation lately that Giant will soon buy a number of Genuardi's locations. Two Genuardi's stores in Bucks County were sold to Giant late last year.

For the quarter, Safeway's revenue grew 7% and same-store sales grew 1.5%.

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