Safeway lowers full-year profit guidance
Sales down 6.5% on foreign exchange
Profit edges up on previous year
US retailer Safeway posted an increase in second-quarter net profit today (23 July) but cut its full-year profit expectations as trading continued to drop.
The supermarket chain said profits rose to US$238.6m for the period ended 20 June, from $234.3 million a year earlier.
Sales fell 6.5% to $9.5bn, primarily due to lower fuel sales, a decline in the Canadian exchange range and a 1.5% decline in identical-store sales.
Safeway said it expects to earn $1.70 to $1.90 per share this year, with a decline in identical-store sales, excluding fuel, of 1% to 1.7%.
For the full release, click here.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData