Safeway Says Inflation Moderating as 3Q Sales and Earnings Rise

Safeway said yesterday the rate of inflation showed signs of moderating somewhat in the third quarter and is likely to continue to slow down in 2008.

PLEASANTON, Calif. — Safeway here said yesterday the rate of inflation showed signs of moderating somewhat in the third quarter and is likely to continue to slow down in 2008. Whereas Safeway absorbed a 2-cent hit on earnings per share due to inflation earlier in the year, the impact on third-quarter earnings was zero as it passed through inflationary cost increases, Steve Burd, chairman, president and chief executive officer, told analysts during a conference call to discuss financial result

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