EARNINGS ROUNDUP / SAFEWAY
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Grocery store operator Safeway Inc. said weak consumer spending, the stronger dollar, lower fuel prices and the late Easter holiday caused its first-quarter profit to fall 25%.
The Pleasanton, Calif., company also lowered its full-year outlook because of the weak environment but raised its dividend.
Safeway’s net income declined to $144.2 million, or 34 cents a share, from $193.4 million, or 44 cents, a year earlier.
The results missed the company’s estimate and the 40 cents a share that analysts polled by Thomson Reuters had predicted.
Revenue dropped 8% to $9.24 billion. Analysts expected sales of $9.86 billion.
Shares fell $1.53, or 7.2%, to $19.75.
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