Safeway Inc. reported a fourth-quarter profit Monday,...
From Times Wire Services
Safeway Inc. reported a fourth-quarter profit Monday, while suffering a 21% drop in earnings for the year. It attributed the results to a weak economy and increased competition in certain markets.
Safeway, one of the nation’s largest food retailers, reported a fourth-quarter profit of $22.2 million, or 19 cents a share. During the same quarter of 1991, Safeway lost $47.7 million, attributed mostly to a one-time accounting charge to cover the cost of a bankrupt subsidiary.
Sales for the quarter that ended Jan. 1 were $4.8 billion, compared to $4.6 billion for the same quarter in 1991.
Yearly earnings dropped to $43.5 million, or 37 cents a share, compared to $54.9 million, or 48 cents a share, for 1991.
