US retail giant Safeway has shrugged off a dip in fourth-quarter earnings to post a rise in annual profits.

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The company, which runs over 1,700 stores in the US and Canada, reported net income of US$888.4m for 2007, up from $870.6m a year earlier.


Safeway’s fourth-quarter net income dipped 2% to $301.1m, as the company cycled a quarter in which it benefited from a one-off tax gain.


“We are pleased with our performance in the fourth quarter of 2007,” said Steve Burd, Safeway’s chairman, president and CEO. “Excluding the $0.08 tax benefit in the fourth quarter of 2006, our diluted earnings per share increased by 11.5%.”


Annual sales rose 5.2% to $42.3bn, thanks in part to the company’s Lifestyle stores. Identical-store sales, excluding fuel, increased 3.4%.

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Nevertheless, Safeway gave a muted guidance for 2008. The company said identical-store sales, excluding fuel, are expected to grow 3.0% to 3.2%.