Safeway thrives in strike recovery mode
Jul 29, 2004 11:53 AM, from staff and wire reports
Safeway Inc, the Pleasanton CA-based supermarket chain, reported net income of $155.2 million for the second quarter ended June 19, 2004. This result includes the estimated impact of about $50 million, after tax as the company recovers from the labor strike in Southern California. Net income was $161.0 million for the second quarter of 2003.
“Despite the strike, Safeway generated over $1.0 billion in cash from operations in the first two quarters of the year, up slightly from last year,” said Steve Burd, chairman, president, and chief executive officer.
Total sales rose to $8.4 billion in the second quarter of 2004 from $8.2 billion in 2003.
