SAFEWAY EARNS $42 MILLION IN 1ST-QUARTER TURNAROUND

OAKLAND, Calif. -- Safeway here said net income totaled $41.9 million in the first quarter ended March 26, a turnaround from a loss of $1.7 million in last year's first quarter.in the 12-week quarter rose 2.6% to $3.5 billion. Same-store sales (excluding the effect of the Canadian exchange rate) increased 4.2%. The 1,075-store chain has reported five consecutive quarters of positive same-store sales

OAKLAND, Calif. -- Safeway here said net income totaled $41.9 million in the first quarter ended March 26, a turnaround from a loss of $1.7 million in last year's first quarter.

in the 12-week quarter rose 2.6% to $3.5 billion. Same-store sales (excluding the effect of the Canadian exchange rate) increased 4.2%. The 1,075-store chain has reported five consecutive quarters of positive same-store sales results.

Gross margins totaled 27.26% of sales in the quarter, an increase o

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