Newspaper article THE JOURNAL RECORD

Safeway Stores Net Income Up 25% to $231.3 Million

Newspaper article THE JOURNAL RECORD

Safeway Stores Net Income Up 25% to $231.3 Million

Article excerpt

OAKLAND, Calif. - A 25 percent increase in net income to $231.3 million, or $3.83 per share, was reported Thursday for 1985 by Oakland-based Safeway Stores Inc.

Safeway had net income of $185 million, or $3.12 per share, in 1984. Results for 1985 include a net after-tax gain of $34.8 million, or 58 cents per share, on the sale of selected foreign operations. Even excluding this one-time gain, the company achieved record earnings for the fourth consecutive year of $196.5 million, or $3.25 per share.

Consolidated sales were $19.65 billion for the year, essentially even with the previous year, reflecting lower food price inflation and lower foreign exchange rates, as well as the aforementioned divestitures. Sales in continuing operations were up 1.7 percent over 1984.

Net income for the 16 weeks ended Dec. 28, was $66.6 million, or $1.09 per share, down 13.2 percent from $76.7 million, or $1.29 per share in 1984.

Sales were $5.99 billion in the quarter, down 2. …

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