Strike erodes Safeway's earnings in 4Q
Apr 1, 2004 12:00 PM
Safeway Inc reported a net loss of $695.9 million ($1.57 per share) for the 17-week fourth quarter ended Jan 3, 2004. Its results were affected by the impact of the ongoing Southern California grocery clerk strike, which Safeway estimates to be $0.23 per share.
“Overall, we are pleased with the operating results that we achieved in the quarter despite a challenging environment,” said Steve Burd, chairman, president, and chief executive officer of the Pleasanton CA-based supermarket chain, the nation's third-largest.
Total sales increased to $11.0 billion, a 3% improvement from $10.7 billion in fourth-quarter 2002, primarily due to the additional week in 2003, new store openings, and additional fuel sales, partly offset by the impact of the strike.
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