Safeway 1Q Profit More Than Triples

Pleasanton, Calif., Safeway Inc.’s first-quarter profit more than tripled to $131.3 million, or 29? per share, for the three months ended March 26, compared to $43.1 million, or 10? per share, a year ago. Revenue was $8.62 billion for the quarter, a 12% increase from $7.68 billion for the year-ago period. However, the Pleasanton, Calif.-based grocer warned that earnings would likely falter in the current quarter.