Costs Hit Safeway’s Q4 Profits

Safeway said net income fell 6% in the fourth quarter as higher costs impacted profit margins.

PLEASANTON, Calif. — Higher food costs put pressure on the fourth-quarter earnings of Safeway here, the company said Thursday, as net income fell 6% despite a 6.2% increase in sales vs. a year ago.

Net income totaled $215.6 million on revenues of $13.6 billion for the 16-week quarter, which ended Dec. 31. Identical-store sales were up 1.5%, excluding fuel. The company attributed the higher revenue

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