-
Safeway Q1 profit falls on tax charge
Pleasanton, Calif. -- Taxes related to Safeway's effort to pay down debt reduced its first-quarter net income, but the company's adjusted results beat Wall Street's expectations as its revenue rose, the Associated Press reported.
The company earned $25.1 million for the quarter, compared with $96 million a year earlier. This includes a tax charge related to a plan to pay down its U.S. debt with part of a $1.1 billion dividend in cash and debt from its Canadian operations.
-
Starbucks profit up 20%
Seattle -- Starbucks on Wednesday reported that its second-quarter profit rose 20% as more customers visited its stores, and it raised its earnings forecast for the year.
The company said it earned $261.6 million for the quarter ended April 3, up from $217.3 million a year earlier. Revenue rose nearly 10% to $2.79 billion.