USA: Safeway sees Q2 net income down, board OKs buyback up by US$1bn
Pleasanton, Calif.-based grocery giant Safeway has reported adjusted net income of US$350.4m (US$0.72 per share) for the Q2 2002, down from US$358m (US$0.69 per share) in the Q2 2001. Including an US$36.7m after-tax charge for restructuring and US$4.4m for transition costs related to the centralisation of marketing functions, Q2 2002 net income was US$309.3m (US$0.63 per share). Net income for the Q2 2001 was US$307.3m (US$0.59 per share) including the effects of the impairment charge and goodwill amortization.
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