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Safeway 2nd-quarter net income falls but adjusted earnings beat expectations

PLEASANTON, Calif. – Grocery store chain Safeway Inc. says its profit fell in the second quarter on one-time costs partly related to a deal to sell its Canadian operations

Still, the grocer’s adjusted results topped Wall Street expectations.

For the period ended June 15, net income fell to $8.4 million, or 3 cents per share. That compares with net income of $122.7 million, or 51 cents per share, a year ago.

Adjusted for one-time items, net income totalled 51 cents per share. Analysts expected 50 cents per share, according to FactSet.

The company said revenue at stores open at a least a year, a key retail metric, rose 1.2 per cent.

Revenue fell nearly 2 per cent to $8.7 billion from $8.83 billion, hurt by lower fuel sales.

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