US retail giant Safeway today (11 October) posted a 12% rise in third-quarter profit thanks to cost cuts and growth from its remodelled stores.
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The company saw net income rise to US$194.6m, up from $173.5m a year earlier. Like-for-like store sales rose 3%. Consolidated sales were up 3.9% to US$9.8bn.
“Our Lifestyle store rollout, along with innovation in both perishable and non-perishable offerings, continues to generate sales growth in our stores,” said Steve Burd, chairman, president and CEO. “This coupled with cost reduction efforts continue to drive strong performance.”
