Safeway Q3 net profit plummets from one-time charges but sales were up 2.6 percent
SEAFOODNEWS.COM [Supermarket News] - October 16, 2014 - Oct 15, 2014
As Safeway nears the completion of its merger with Albertsons, the company said net income fell as a result of a series of one-time charges while sales increased for the third quarter and 36 weeks ended Sept. 6.
The company said it is “hopeful” the merger will be completed by the end of the calendar year, though no specific target date has been announced.
Net income dropped 85.6% to $9.5 million for the 12-week quarter and 96.2% to $7.4 million for the year to date, while sales increased 2.6% to $8.3 billion for the quarter and 1.7% to $24.7 billion for the 36-week period.
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