US: Safeway Q3 profits slide
Safeway saw its Q3 profits slide
US retail giant Safeway Inc today (14 October) posted an almost 5% fall in quarterly profits as the company fought increased competition in the country's grocery sector.
Safeway booked net income of US$122.8m for the 12 weeks to 11 September, down 4.8% on the year.
The retailer's gross profit as a percentage of sales fell from 28.27% to 28.14% as the company invested in price.
Nevertheless, Safeway's identical-store sales, excluding fuel, fell 2%, which drove a fall in total sales, which stood at $9.4bn against $9.5 last year.
Chairman, president and CEO Steve Burd said the results were "in line with our expectations" and he pointed to an improvement in the "price per item" during the quarter. He added: "We expect this trend to continue as we anniversary the price investments we made in the second half of 2009."
Aside from the soundbites from the CAGNY investment conference in Florida this week, the last five days have been rounded out with results from Wal-Mart Stores, Kerry Group and Safeway Inc....
US dairy products maker Lifeway Foods was yesterday (31 January) upbeat about its prospects for 2011 despite booking falling profits for 2010 amid higher milk and advertising costs....
- Price an underlying tension across European FMCG
- Danone's Q3 sales - what the analysts say
- Interview: UK trade body on Brexit's policy impact
- Interview: UK trade body on the impact of Brexit
- It won't just be Unilever to push for Brexit hikes
- Nestle lowers outlook on "softer environment"
- UK announces "action plan" to drive food exports
- Kraft Heinz: Innovation more important than ever
- Online snack seller Graze makes US retail debut
- Abbott sees international nutrition sales fall
- The Big 15: Strategies and Priorities of Top Packaged Food Players in Comparison
- Omega-3 in Food and Beverage:Time for a Reboot?
- Global Food Packaging: Innovating for Greater Convenience and Quality Image
- Packaged Food: Quarterly Statement Q3 2016
- Constellation Brands, Inc. (STZ) - Financial and Strategic SWOT Analysis Review