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Safeway said that its third quarter earnings were down 35 percent to $128.8 million, from $199.7 million during the same period a year earlier. Q3 revenue was down seven percent to $9.46 billion.

CEO Steve Burd told analysts yesterday that he believes the economy is improving, which should be good for Safeway, because customers are starting to buy more lattes and premium wines; when the recession started, he said, people switched to regular coffee and cheaper vintages.
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