Safeway reported income from continuing operations of $108 million, or 45 cents per diluted share, for the third quarter of 2012 compared with $130.3 million (38 centper diluted share) in the third quarter of 2011.
The company reported that sales for the quarter declined 0.2% to $10 billion from $10.1 billion for the same period last year. The decline was mainly due to the disposition of Genuardi's stores and a lower Canadian exchange rate, partly offset by higher fuel sales, the company said. Identical-store sales, excluding fuel, were 0.1% for the quarter, which were lower than anticipated primarily due to a larger than expected decline in price inflation, partly offset by continued improvement in volume, according to Safeway.
"We are encouraged that in the fourth quarter to date our identical-store sales, excluding fuel, are running at 1% with slightly improved volumes and higher inflation than in the third quarter of 2012," said Steve Burd, chairman an