Safeway Tops Expectations in Third Quarter Revenue Forecasts

Safeway on Wednesday reported earnings of $9.5 million or $0.04 a share for its third quarter. That's down 27 cents a share from a year earlier. However, revenue for the supermarket chain rose 2.6% to $8.3 billion, topping Street forecasts but still below from a year ago. Safeway is expected to complete its $9.4 billion merger with Cerberus Capital Management LP’s Albertsons during the current quarter. Safeway shares have climbed slightly more than 4% since the beginning of the year, while the Standard & Poor's 500 index has climbed roughly 2%. The company’s stock has increased roughly 2% in the last 12 months.