FILE- In this Thursday, April 26, 2012, file photo, a Safeway online shopping advertisement is shown at a Safeway store in San Francisco. Grocery store operator Safeway said Thursday, Feb. 21, 2013, its customer loyalty program helped its fourth-quarter net income jump 13 percent in the fourth quarter, far surpassing expectations. (AP Photo/Paul Sakuma, File)
Safeway forecasts better-than-expected 2013
Published: 03:04:48 PM, Wed 06 March 2013 UTC
NEW YORK (AP) — Safeway Inc. is forecasting better-than-expected financial results for 2013.
The Pleasanton, Calif.-based grocer says it expects earnings of $2.25 to $2.45 per share for 2013. That's above the $2.24 Wall Street expected.
Safeway, which runs its namesake supermarket chain as well as Vons, Dominick's and others, also said it expects revenue at stores open at least a year to grow between 2 percent and 3 percent, helped by its customer loyalty program that offers personalized discounts based on past purchases. That's higher than the 1.6 percent increase analysts expected, according to FactSet.
The measure is a key gauge because it strips out the impact of newly closed and opened locations.
The outlook for the year comes ahead of Safeway's conference for investors and analysts later Wednesday.
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