Safeway forecasts better-than-expected 2013
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.