Earlier this week Genuardi’s parent company Safeway reported an increase in net income for the first quarter of 2012. In addition to Genuardi’s, Safeway operates stores under the Vons, Dominick’s and Safeway banner, among others.
- The company earned $72.9 million in the three months ended March 24, compared to $25.1 million during the same time period last year. (Last year’s first quarter net income would have been $105.3 million if it were not for a large tax charge.)
- Revenue for the period rose 2.4% to $10 billion, up from $9.77 billion last year.
- Revenue at stores opened at least a year – a key indicator of the health of a retailer – was flat as compared to a year ago.
Safeway said it expects an estimated gain of about $67 million from the sale or closure of all the remaining Genuardi’s stores later this year.