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Safeway Inc. Message Board

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  • bluecheese4u bluecheese4u Apr 30, 2009 6:04 PM Flag

    Safeway Inc. Announces First Quarter 2009 Earnings

    part two

    Income Tax Expense

    Income tax expense was $60.3 million, or 29.5% of pre-tax income, in the first quarter of 2009. Income tax expense in the first quarter of 2008 was $123.6 million, or 39.0% of pre-tax income. The decline in the tax rate was due primarily to benefits of $16 million from the favorable resolution of tax matters.

    Stock Repurchases

    During the first quarter of 2009, Safeway purchased 3.5 million shares of its common stock at an average cost of $18.40 per share and a total cost of $64.5 million (including commissions). The remaining board authorization for stock repurchases at quarter-end was approximately $1.1 billion.

    Capital Expenditures

    Safeway invested $243.5 million in capital expenditures in the first quarter of 2009. The company opened one new Lifestyle store, completed 10 Lifestyle remodels and closed three stores. Safeway has reduced planned capital expenditures in 2009 from $1.2 billion to approximately $1.0 billion and now plans to open approximately 10 new Lifestyle stores and complete approximately 100 Lifestyle remodels.

    Cash Flow

    Net cash flow used by operating activities was $151.0 million in the first quarter of 2009 compared to $41.2 million in the first quarter of 2008. This was primarily due to an increase in cash used by working capital which was the result of a shift in holiday shopping.

    Net cash flow used by investing activities declined to $252.8 million in the first quarter of 2009 from $370.7 million in the first quarter of 2008 because of reduced capital expenditures.

    Net cash flow provided by financing activities was $131.0 million in the first quarter of 2009 compared to $352.9 million in the first quarter of 2008. Borrowings were less in the first quarter of 2009 compared to the first quarter of 2008 due to reduced capital expenditures.

    Dividend

    Safeway announced separately today that its Board of Directors authorized a 21% increase in the quarterly dividend to $0.10 per share, effective for stockholders of record on June 25, 2009. The dividend will be paid on July 16, 2009.

    Guidance

    Safeway lowered earnings guidance for the year 2009 to $2.10 - $2.30 per diluted share and identical-store sales guidance, excluding fuel, to 0.5% - 1.5%. Safeway increased free cash flow guidance for the year 2009 to $1.1 billion - $1.3 billion.

 
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