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Safeway Inc. Message Board

  • adspatz adspatz Oct 11, 2013 10:13 AM Flag

    Safeway earnings drop 58%

    Search for "SEC Live Filings Digest" to find out more.
    Safeway Inc. (SWY) reported earnings that fell 58% in its third quarter financial results for this current fiscal year. The company announced its plans to exit the Chicago market by the end of 2014 where it operates 72 Dominick’s stores, which the company believes will help give it more flexibility as it streamlines itself. Safeway intends to use an estimated tax benefit of between $400M to $450M to partially offset the tax charges it expects to pay from selling its Canadian business in a $5.7B deal. For the quarter, revenue increased 1.1% to $8.6B while its gross margin dropped from 26.2% to 25.8%. Safeway recorded a profit of $65.8M or $0.27 per share, compared to last year this quarter of $157M and $0.66 per share.

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    • So what are you missing? Oh-- gonna net $4.5-4.6 Billion after closing sale of Canadian stores and shut down of loser Dominicks. They start buyback of $2 Billion in stock and pay off $2 Billion in debt. The shorts are screwed here. Share price going to $40.

 
SWY
34.61-0.09(-0.26%)Aug 21 4:00 PMEDT

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