Safeway Inc. has reported that net income fell to US$96m for the first quarter of 2010, down on the US$144.2m recorded during the same period of 2009.
Total sales increased to US$9.3bn in the first quarter of 2010 compared with US$9.2bn during the year-earlier period, the result of a higher Canadian exchange rate and higher fuel sales, partially offset by a 3.1 per cent fall in identical store sales.
'Our first quarter results were in line with our expectations, and we are reaffirming our earnings per share guidance for 2010 of US$1.65 to US$1.85,' said chairman, president and CEO Steve Burd. 'We are encouraged by our volume trends in the first quarter of 2010 compared to the fourth quarter of 2009, and the trends have improved in the second quarter of 2010.
'We believe we will continue to see positive trends in the second half of the year as the economy improves, deflation subsides and consumer confidence builds,' he added.
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