Safeway predicts '08 growth

PLEASANTON, Calif. Safeway today announced its earnings outlook for the year 2008.

Safeway said that it expects earnings per share for 2008 to be in the range of $2.25 to $2.35. The company said it anticipates that identical-store sales growth (excluding fuel) will be in the range of 3% to 3.2%. According to Safeway, the identical sales growth will be strongly affected by contributions from Lifestyle stores and product innovation.

“Innovation has been, and will continue to be, the key to our success,” said Steve Burd, chairman, president and ceo. "We have developed highly successful programs to reduce costs, improve service, enhance the quality of products and the shopping environment, and have established new growth vehicles. We believe this will ensure our long-term growth."