USA: Positive Q3 results for Safeway

Positive Q3 results have been posted by US retail giant Safeway Inc, revealing that earnings rose by 21% and net income rose to US$270m, up from the US$223.4m grossed in the third quarter of 1999. The 15% increase in sales, which reached US$7.5bn, was boosted by strong store operations and last year's acquisition of Randall's Food Markets Inc. Estimates reported by analysts First Call/Thomson Financial were beaten by one cent per share, but on the NYSE however, shares fell from their 52-week high by 6.9%, to be valued at US$50.38.