PLEASANTON, Calif. -- Strong performance of renovated lifestyle stores and increased perishables sales helped Safeway here post sales of $12.5 billion, an increase of 3.8%, in the fourth quarter ending Dec. 31, the company said Thursday. Identical-store sales, excluding fuel, increased by 3.5%, the company added. Quarterly net earnings totaled $307.9 an increase of 77% from last year‘s fourth quarter, which had included charges for a labor buyout and for store closures in Texas. Gross profits increased 2 basis points to 29.13% of sales and by 17 basis points excluding fuel, reflecting sourcing savings and more profitable sales mixes, according to Steve Burd, chairman, president and chief executive officer.
Lifestyle Renovations Drive Safeway Sales
PLEASANTON, Calif. -- Strong performance of renovated lifestyle stores and increased perishables sales helped Safeway here post sales of $12.5 billion, an increase of 3.8%, in the fourth quarter ending Dec. 31, the company said Thursday.