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Safeway profit slips in Q2; on track to open 10 Lifestyle stores in 2012
Pleasanton, Calif. -- Safeway Inc. reported Thursday that profit for the second quarter dropped to $121.7 million from $146 million in the same period last year.
Sales inched up 1.9% to $10.4 billion, and same-store sales rose 0.8%.
For the year, Safeway said it expects to invest $900 million in capital expenditures to open approximately 10 new Lifestyle stores, complete 10 Lifestyle remodels, refurbish in-store pharmacies and develop properties through its Property Development Centers subsidiary.
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NRF: Back-to-school spending expected to reach $30.3 billion
Washington, D.C. -- A survey released by the National Retail Federation and conducted by BIGInsight found that the average parent will spend $688.62 on back-to-school items this year, compared with $603.63 last year. Total spending is expected to reach $30.3 billion.
NRF cited an increased number of children entering elementary and middle school this fall, as well as necessary back-to-school replenishments after last year’s cutbacks, for the predicted improvements.