Safeway profits soar in Q1; 10 Lifestyle stores on tap in 2012

Pleasanton, Calif. -- Safeway Inc. reported Thursday that net income for the first quarter rose to $81.6 million, from $25.1 million in the year-earlier period.

Sales edged up 2.4% to $10 billion, from $9.8 billion last year. Same-store sales were flat.

“We continue to believe sales will grow as our new marketing initiatives take hold," said Steve Burd, chairman and CEO.

In 2012, Safeway said it expects to invest approximately $900 million in capital expenditures, open 10 new Lifestyle stores and complete 10 Lifestyle remodels.

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