Promotions Hurt Safeway's Q1

Safeway's stock took a hit last week as the company guided sales and earnings downward for the balance of the year and acknowledged a miscalculation on the impact of a heavy margin investment. We consciously made some aggressive promotional investments in the middle of the period during the four weeks after the Super Bowl that we thought was worth a risk, said Steve Burd, chairman,

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

“We consciously made some aggressive promotional investments in the middle of the period — during the four weeks after the Super Bowl — that we thought was worth a risk,” said Steve Burd, chairman, president and chief executive officer, in a conference call discussing

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