AP News

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.

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