Strike takes toll on Safeway's 1Q numbers
May 4, 2004 12:32 PM, from staff and wire reports
Pleasanton CA-based Safeway Inc showed a greatly reduced first-quarter profit as it tried to restore business after the lengthy Southern California strike.
The number three-ranked US grocery chain reported net income of $43.1 million for the first quarter ended March 27, 2004. This compares with $162.6 million for the first quarter of 2003. Results were affected by the Southern California strike, which Safeway estimates to be $122.0 million after tax, and the closing of 12 underperforming Dominick’s stores.
Total sales decreased to $7.6 billion in the first quarter of 2004 from $8.0 billion in the first quarter of 2003.
“We are pleased with our results given the challenges we faced in the first quarter,” said Steve Burd, chairman, president, and chief executive officer of Safeway.
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