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Safeway beats 4Q forecast
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January 27, 2000: 10:02 a.m. ET
Three recent acquisitions spur growth at nation's second-largest grocer
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NEW YORK (CNNfn) - Safeway Inc., the nation's second largest grocer, beat earnings estimates in a fourth quarter helped by recent acquisitions.
For the 16-week period ended Jan. 1, the company had net income of $305.3 million, or 59 cents a diluted share. Analysts surveyed by First Call had been looking for 57 cents a share in the period. The company had net income of $255.0 million, or 50 cents a share, a year earlier.
Total sales increased 25 percent in the period to $9.9 billion from $7.9 billion a year earlier, primarily due to three acquisitions in the last 15 months. Comparable-store sales increased 3.7 percent in the period.
For the year, net income rose to $970.9 million, or $1.88 a diluted share, compared with $806.7 million, or $1.59 a share, in 1998. Annual revenue was up 18 percent to $28.9 billion from $24.5 billion in 1998.
Safeway is the nation's second-largest grocer behind Kroger Co. (KR). Shares of Safeway (SWY) opened Thursday up 2 at 33-1/2. 
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Safeway
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