Safeway profit up 12% on cost cuts
From Times Staff and Wire Reports
Safeway Inc.’s fiscal third-quarter profit climbed 12% to match analysts’ projections, the latest payoff from the grocer’s recent recipe of cutting labor costs while spending on store improvements to attract more shoppers.
The Pleasanton, Calif.-based company earned $194.6 million, or 44 cents a share, during the three months ended Sept. 8. That compared with $173.5 million, or 39 cents, in the year-earlier quarter.
Revenue rose a lower-than-expected 4% to $9.78 billion.
