Price Cuts Drive Gains at Safeway

Safeway here last week it believes that investing savings from its ongoing cost reductions in lower prices is driving sales gains and will also enable the company to grow earnings. Wall Street analysts said they are encouraged at the prospects, but are taking a wait-and-see attitude. Speaking with analysts during a conference call last week, Steve Burd, Safeway's chairman,

PLEASANTON, Calif. — Safeway here said last week it believes that investing savings from its ongoing cost reductions in lower prices is driving sales gains and will also enable the company to grow earnings.

Wall Street analysts said they are encouraged at the prospects, but are taking a wait-and-see attitude.

Speaking with analysts during a conference call last week, Steve Burd, Safeway's chairman, president and chief executive officer, said there is a perception that i

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