Pleasanton, California-based Safeway, one of the largest food and drug retailers in the US, expects to report diluted earnings per share of about US$0.71 - US$0.73 for the Q2 ending 15 June 2002, before one-time charges. This is 5% - 8% below the existing First Call consensus estimate of US$0.77 per share for the Q2 of 2002. In addition, the company is revising its FY 2002 guidance to US$2.86 - US$2.90 per share before one-time charges, which is 8% - 9% below the current First Call consensus estimate of US$3.15 for 2002.