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Pleasanton, CA

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Safeway announced their 2012 third quarter earnings from continuing operations of $108 million compared to $130.3 million of last year, earlier today.

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Steve Burd, Chairman and CEO says the 0.2% decline is due to a combination of a lower Canadian exchange rate and the disposition of 17 Genuardi’s stores.

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Safeway sold 16 and closed one Genuardi’s store during the third quarter for a $49.0 million after tax profit and cash proceeds of $111 million. The company expects to close the final three Genuard’s stores in the forth quarter.

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Though the company has reported a decrease in their third quarter in comparison to last years, Burd states Safeway has plans for the fourth quarter, including the addition of 900 fueling stations at store locations.

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“We expect identical-store sales in the fourth quarter will be driven by increased just for U engagement, the roll out of our partner fuel loyalty program and the launch of our Wellness initiative," stated Burd.

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Safeway

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