Business Services Industry
Safeway to Post Improved Quarterly Sales.
Knight Ridder/Tribune Business News, October, 2003
By Lucy Farndon, Daily Mail, London Knight Ridder/Tribune Business News
Oct. 29--Safeway will give investors a pleasant surprise today when it reveals that sales have improved despite the prolonged bid uncertainty.
Underlying sales in the second quarter are higher than last year, whereas analysts had feared a decline of up to 2 percent. First-quarter like-for-like sales had fallen 0.6 percent.
The reassuring performance will lend weight to Safeway's argument that bidder Morrison must sweeten its offer to win board backing. It shows Safeway's resilience despite all the pressures of the 10-month bid saga. It also highlights the relatively poor performance at Sainsbury, which saw a 0.2 percent decline last quarter.
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