Safeway Projects Weak Sales

Safeway stock plummeted by more than 10% last Thursday after the retailer here said quarterly sales were down and likely to remain down while the retailer adjusts pricing to better compete during the current economic downturn. Steve Burd, Safeway's chairman, president and chief executive officer, emphasized that earnings per share of 53 cents for the second quarter, which ended

PLEASANTON, Calif. — Safeway stock plummeted by more than 10% last Thursday after the retailer here said quarterly sales were down — and likely to remain down while the retailer adjusts pricing to better compete during the current economic downturn.

Steve Burd, Safeway's chairman, president and 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

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