|
 SAN FRANCISCO (AP) - Safeway Inc.'s fourth-quarter profit surged 77 percent to cap the grocer's best performance in five years, a comeback driven by contentious cost cutting and a recent makeover that has infused more elegance into its stores.
Although the results released Thursday exceeded analyst expectations, the showing still wasn't enough to satisfy investors apparently disappointed by Safeway's slowing sales growth and conservative outlook for this year. Safeway shares dropped by more than 3 percent.
The Pleasanton-based company said it earned $307.9 million, or 69 cents per share, in the three months ended Dec. 30. That compared with net income of $173.5 million, or 39 cents per share, at the same time in 2005.
|