Safeway has reported on a positive second quarter of the year, with net income rising to US$145.8m, or US$0.41 per diluted share, from the US$141.3m recorded in the same period of 2010.
Sales and other revenue jumped 7.1 per cent to US$10.2bn through the three-month period, Safeway revealed.
'Second quarter earnings exceeded our expectations,' said Steve Burd, chairman, president and CEO of Safeway. 'Identical store sales improved during the second quarter and into the third quarter. We remain focused on building customer loyalty and expect sales to continue to gradually improve through the second half of the year.
'At the same time, our cost reduction and profit improvement efforts helped generate improved earnings results in the second quarter,' he added, 'and we expect these efforts to contribute to earnings for the balance of the year.'
24-week results for the first half of the year saw net income fall to US$171m from US$237.3m in the same period of 2010, primarily due to the US$80.2m tax expense on repatriated earnings from Canada in the first quarter of 2011.
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