Safeway Stock Stumbles on Soft 2Q Sales

Safeway stock plummeted by more than 10% yesterday after the retailer said quarterly sales were down — and likely to stay down while the retailer adjusts pricing to better compete during the current economic downturn.

PLEASANTON, Calif. — Safeway stock plummeted by more than 10% yesterday after the retailer here said quarterly sales were down — and likely to stay down while the retailer adjusts pricing to better compete during the current economic downturn. Steve Burd, Safeway’s chief executive officer, emphasized that earnings per share of 53 cents for the second quarter, which ended June 14, were a penny ahead of analysts’ expectations, citing cost reductions against the headwinds of higher energy costs,

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