business news in context, analysis with attitude

• Safeway said yesterday that its second quarter profit was down 11 percent to $218.2 million, from $246.2 million a year ago – though it noted that last year's Q2 results were boosted by a $58.5 million gain from a federal income tax refund.

Safeway's sales for the second quarter totaled $9.82 billion, a five percent increase from last year, on same-store sales that were up 4.5 percent.

• The Great Atlantic & Pacific Tea Company (A&P) announced that its first quarter sales were $2 billion, or virtually the same as during the same period a year ago, on same-store sales that were up one percent for the period. A&P also declared a $43 million net loss for the quarter, compared to a loss of $6 million last year.
KC's View: