SAFEWAY LOWERS PROFIT EXPECTATIONS

PLEASANTON, Calif. -- Safeway last week delivered the good quarterly sales news it had promised, but surprised some analysts by telling them their expectations for the current quarter were too high.Safeway projected second-quarter earnings of around 29 cents a share, below consensus estimates of 34 cents and below the 35 cents the company earned last year. In a conference call discussing first-quarter

PLEASANTON, Calif. -- Safeway last week delivered the good quarterly sales news it had promised, but surprised some analysts by telling them their expectations for the current quarter were too high.

Safeway projected second-quarter earnings of around 29 cents a share, below consensus estimates of 34 cents and below the 35 cents the company earned last year. In a conference call discussing first-quarter results, Steve Burd, Safeway's chief executive officer, said that while Safeway rem

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