In the US, Safeway has announced that its year-on-year net income slumped by 16 per cent through the second quarter of the year, with earnings coming in at US$122.7m, down from US$145.8m last year.
Total sales for the three-month period rose 2 per cent to US$10.4bn, with sales from stores open at least one year came in slightly higher at 0.8 per cent, excluding fuel costs.
'Identical store sales, excluding fuel, increased 0.8 per cent in the second quarter of 2012,' said Steve Burd, Safeway chairman and CEO.
'We are encouraged to see that our volume trends are improving as inflation has eased, and we are pleased to see market share gains in the grocery channel and a slight gain in market share in all food-related channels,' he added. 'We expect continued momentum as participation grows in our just for U loyalty programme that is now available in all US divisions and as we enhance our fuel rewards programmes and expand our health and wellness initiatives.'
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