Safeway Stays Neutral
Analyst Report ) with a target price of $19.00.Safeway reported an EPS of 41 cents in the second quarter of fiscal 2011, surpassing the Zacks Consensus Estimate of 39 cents and 10.8% higher than the year-ago figure of 37 cents. The company reported sales of $10.2 billion during the quarter, exceeding both the Zacks Consensus Estimate of $9.9 billion and the year-ago level of $9.5 billion.
We note that the environment for the retail industry is quite challenging. Consumer spending on durable products has been very weak. Also, on the back of economic uncertainty and price competition, the company has been witnessing sluggish revenue growth over the past few quarters.
However, the situation has improved considerably as reflected by the swell in identical-store (ID) sales, the best among the past nine quarters. During the reported quarter, Safeway recorded a 7.4% increase in sales primarily driven by higher fuel sales, favorable Canadian exchange rate combined with a 0.5% increase in ID sales. The significant improvement in fuel sales resulted from double-digit expansion in volume combined with a sharp 30% hike in fuel price. Besides, the occurrence of Easter during the quarter greatly benefited sales.
But considering the 2% retail inflation, ID store sales effectively declined 1.5% year over year, which indeed is alarming. This forced the company to lower its ID store sales guidance for 2011 to 1% from the previous outlook of 1.5%.
However, we are encouraged by Safeway’s constant effort to capture marketplace with its value-added offerings, thus enhancing its brand equity and reducing the company’s dependence on price.
Safeway has undertaken cost reduction initiatives focused on cost of goods sold and supply chain efficiencies. The company is building its distribution network in the US where some of its existing card content providers are becoming distributors, thereby reducing the number of retailers in the market.
Safeway Gift Cards - News
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In addition, Safeway's subsidiary, Blackhawk Network, provides third-party gift cards, prepaid cards, telecom cards and sports and entertainment cards to a broad group of top North American retailers for sale to retail customers.
Also a big thank you goes out to Save on Foods, Real Canadian Superstore and Safeway for their gift card donations which help tremendously with food as well as McDonalds for providing the ice. This was a wonderful experience for everyone that attended,
2:30 pm: Police arrested a 27-year-old man at Safeway, 1801 W. 11th St. The arrest came after a store clerk reported a man with a basket full of gift cards. He was booked into San Joaquin County Jail in French Camp. 3:37 pm: A caller reported someone
Excluding the 104 basis-point impact from fuel sales and the 32 basis-point impact from the accounting change in gift card commissions, gross profit decreased 19 bps." Shares of SAFEWAY closed at $18.92 yesterday, with a 52 week range of $18.66-$25.43.
Giveaway: Fiber One Products + $25 Genuardi's/Safeway Gift Card ...
While I am trying to eat fewer processed foods, there are times when I just don’t feel like making homemade granola bars or my sweet tooth is yelling at me or I just want to grab something and throw it in my purse and run out the door. Fiber One Granola bars are always in my pantry and continue to be one of my favorite quick snacks.
As for Fiber One Raisin Bran Clusters? That has been my absolute favorite cereal for some time and it continues to be….to the point that I don’t like any other raisin bran cereals!
The people at Fiber One and MyBlogSpark asked me to try the 3 revamped flavors and I have to say, they were pretty good! I didn’t think it was possible to improve the Raisin Bran Clusters, but they did!
Fiber One Honey Clusters have a brand new flake! Every one-cup serving is full of tasty honey clusters, antioxidant vitamins A and E, and 13 grams of fiber. Fiber One Raisin Bran Clusters now contain crispier, lightly sweetened whole grain flakes. With plump, juicy raisins and crunchy clusters it packs 11 grams of fiber and antioxidant vitamins A and E into every serving. With rich chocolate chips and a new and improved taste, Fiber One Oats & Chocolate chewy bars are a good source of calcium and contain 9 grams of fiber in each bar.Would you like to try the new Fiber One products? One winner will receive: coupons good for one free box of Fiber One cereal and one free box of Fiber One bars, in addition to a $25 Safeway gift card (also valid at Dominick’s, Tom Thumb, Randalls, Vons, and Genuardi’s)
To enter to win (each counts as a separate entry, so leave a separate comment!)
1. Leave a comment letting me know your favorite Fiber One Product.
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Safeway - Gift Cards
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Safeway
Operates grocery stores across the U.S. and Canada.
Safeway
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