Safeway has reported income from continuing operations of $121.7m ($0.50 per diluted share) for the second quarter of 2012 compared to $146.0m ($0.41 per diluted share) in the second quarter of 2011.
Sales and other revenue increased 1.9% to $10.4bn in the second quarter of 2012 from $10.2bn in the second quarter of 2011, primarily due to higher fuel sales and an identical-store sales increase of 0.8%, excluding fuel, partly offset by a lower Canadian exchange rate.
Gross profit declined 73 basis points to 26.27% of sales in the second quarter of 2012 compared to 27.00% of sales in the second quarter of 2011.
Excluding the 47 basis-point impact from fuel sales, gross profit declined 26 basis points due primarily to increased advertising and costs incurred to launch the company's 'just for U' loyalty programme, partly offset by lower LIFO expense.
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