Safeway Misses by 7 Cents; Shares Down 8% – Zacks Tale of the Tape
Source: http://www.zacks.com/stock/news/19707/Safeway+Misses+by+7+Cents%3B+Shares+Down+8%25+-+Zacks+Tale+of+the+TapePosted on Thursday, April 30th, 2009 | In Market Commentary, Stocks to Watch
Safeway Inc.’s (SWY) share price tumbled about 8% today as the supermarket chain missed estimates in its first quarter.
Earnings for the quarter came in at 34 cents per share, which fell short of the consensus by 7 cents.
Sales dipped 7.6% to $9.2 billion, hurt by the shift in holiday sales, decrease in fuel margins and a fall in the Canadian currency exchange rate.
The company reduced its full-year earnings guidance to between $2.10 and $2.30 per share from its prior view of $2.34 to $2.44.
One analyst out of 14 pulled back on expectations in the last month, bringing the 2009 consensus down by a penny to $2.26 per share.
Meanwhile, Safeway increased its quarterly dividend to 10 cents per share.
Safeway, a Zacks #3 Rank (”Hold”), is currently moving on abnormally heavy volume of 8 million, well ahead of the daily average of 3.8 million.
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