Margin Investments Hurt Safeway Results

Safeway's stock took a hit yesterday as the company guided sales and earnings downward for the balance of the year and acknowledged a miscalculation on the results of a heavy margin investment in January.

PLEASANTON, Calif. — Safeway's stock took a hit yesterday as the company guided sales and earnings downward for the balance of the year and acknowledged a miscalculation on the results of a heavy margin investment in January.

Steve Burd, chairman, president and chief executive officer, said the company "consciously made some aggressive promotional investments in the middle of the period — during the four weeks after the Super Bowl — that we thought was a risk. The bottom line i

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