FINANCE

Safeway Q3 net up, helped by sales of Genuardi’s stores

BY Staff Writer

Pleasanton, Calif. — Safeway Inc. posted a lower profit from continuing operations for the third quarter on Thursday, but its net profit rose to $157 million from $130.2 last year, helped by the sale of some of its Genuardi’s stores. The company reported income from continuing operations of $108.0 million for the quarter ended Sept. 8, compared with $130.3 million in third quarter 2011.

Total sales inched down 0.2% to $10.05 billion from $10.06 billion, hurt by the Genuardi’s shuttering and a lower Canadian exchange rate, partly offset by higher fuel sales. Same-store sales, excluding fuel, rose 0.1%.

During the quarter, Safeway closed one Genuardi’s store and sold 16 Genuardi’s locations for an after-tax gain of $49 million.

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Dec-19-2012 05:53 pm

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FINANCE

Carrefour Q3 revenue up

BY Staff Writer

New York — Carrefour SA reported that its revenue edged up in its third quarter, driven by strong sales in its convenience stores and markets in Asia and Latin America.

The company said Thursday that sales rose 2.1% to €22.6 billion ($29 billion) in the July to September quarter.

Recessions in Spain and Italy impacted Carrefour’s revenue in Europe, where sales were down 2.2%. Sales in Asia and Latin America increased, however, rising 12.3% and 5.2% respectively.

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FINANCE

Report: Rite Aid ordered to pay $800,000 settlement

BY Staff Writer

New York — A San Diego judge ordered Rite Aid Corp. and its California subsidiary Thrifty PayLess Inc. to pay $800,000 to settle a complaint alleging false advertising, the Associated Press reported.

Prosecutors claimed Rite Aid led consumers to believe they would pay less for items bought using the company’s Wellness Card, the report said. However, they were given a coupon and told it was for a future purchase that would expire and was subject to other restrictions.

According to the prosecutors, the stores also refused to redeem gift cards with a balance of less than $10 for cash, as required by California law.

Rite Aid said in a statement it will remedy the situation.

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Dec-19-2012 05:52 pm

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