Dive Summary:
- Sales from continuing operations at Safeway declined $1.6 billion during the second quarter but the company believes those figures were largely due to fuel prices, and store closings.
- Safeway endure several disposals of former stores under the Genuardi’s banner, and identical store sales rose 1.2%. Total revenue from continuing operations alone, excluding some factors, experience an overall increase of 43% to $68.1 million.
- “We are pleased with the significant milestones we achieved this quarter,” said newly appointed Safeway CEO Robert Edwards.
From the article:
Looking ahead, Safeway said it expects full year identical store sales in the range of 1.5% to 2% and also cautioned that earnings per share could be toward the low end of a previously provided guidance range of $2.25 to $2.45.
