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Safeway profit up in Q2, on track to open 26 new stores

Pleasanton, Calif. -- Safeway reported Thursday that net income for the second quarter rose to $145.8 million from $141.3 million in the year-ago period, helped by rising prices and gas sales.

Total sales increased 7.1% to $10.2 billion from $9.5 billion.

Safeway invested $209 million in capital expenditures in the second quarter, opening six new stores, completing seven Lifestyle remodels and closing 11 stores. For the year, Safeway plans to invest approximately $1.0 billion in capital expenditures, open 26 new Lifestyle stores and complete 30 Lifestyle remodels.