- Safeway Inc. reported third quarter profit of $122.5 million, compared with $159.2 million during the same period a year ago. Safeway attributed the drop in profit to an impairment charge in Texas and an employee buyout charge in Northern California.
Third quarter sales rose 7.2 percent to $8.9 billion, with same-store sales up 5.4 percent.
- The Great Atlantic & Pacific Tea Co. (A&P) reported that its second quarter net income was $592 million, compared with a loss of $64.2 million a year earlier. However, the improvement was mostly based on the sale of its Canadian operations, not any improvement in existing retail operations. Sales for the quarter fell to $2.17 billion from $2.49 billion, with same-store sales down 1.1 percent.
