Safeway remains in strike recovery mode
Oct 20, 2004 11:50 AM, from staff and wire reports
Safeway Inc, the Pleasanton CA-based supermarket chain, reported net income of $159.2 million for the third quarter ended Sept 11, 2004. Net income totaled $202.5 million for the third quarter of 2003.
Net income for the third quarter 2004 includes an estimated impact of approximately $45 million after tax as the company recovers from the recent grocery clerk strike in Southern California. It also includes contributions to two Northern California United Food and Commercial Workers union multi-employer health and welfare plans of $12.1 million after tax.
Total sales remained relatively flat at $8.3 billion in the third quarter of 2004 and 2003, as additional sales from fuel and new store openings were offset by the impact of the strike.
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