Safeway swings to Q1 loss
SEAFOODNEWS.COM April 24, 2014 -
For the quarter ended March 22, Safeway reported a loss of $76.5 million, or 34 cents a share, compared with a year-earlier profit of $118.9 million, or 50 cents a share. Excluding foreign currency impacts, merger-related expenses, and other items, adjusted profit from continuing operations fell to six cents from 16 cents a share.
Revenue rose 1% to $8.26 billion. Identical-store sales were up 1.8% excluding fuel, but the overall top line was somewhat tempered by falling fuel sales.
Cerberus Capital Management LP last month agreed to buy the supermarket operator for just over $40 a share, valuing the Pleasanton, Calif. company at about $9. An FTC request for more data has delayed the merger.
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