Safeway pays down debt by $651 million
Jul 24, 2003 12:00 PM, from staff and wire reportsSafeway Inc has reported net income of $161.0 million for the second quarter of 2003. The food retail chain’s net income for the second quarter of 2002 totaled $309.3 million.
For the first 24 weeks of 2003, sales increased 3% to $15.3 billion from $14.9 billion in 2002.
The company used cash flow from operating activities to reduce total debt outstanding by $651 million to $7.7 billion from $8.3 billion at the beginning of 2003.
Based in Pleasanton CA, Safeway operates 1,702 stores in the United States and Canada.