PLEASANTON, Calif. Safeway reported a slight gain in second quarter profit matching analysts’ expectations. It attributed the improvement to higher gas sales and a strong performance from its Lifestyle stores.
Safeway, which did not break out pharmacy sales for the quarter, reported a profit of $234 million, up 7% from the same period last year. Revenue rose 3% to $10.12 billion. Same-store sales rose 0.9% but actually declined 0.3% when gas sales were excluded.
Safeway president Steve Burd said second quarter sales were also affected by the absence of Easter, which arrived early this year and fell in the first quarter. “Our performance this quarter was strong in light of a soft sales environment and the Easter holiday shift,” said Burd.