Safeway Inc. (NYSE: SWY) reported Thursday that the grocery chain posted a loss in its fiscal fourth quarter due to write-downs, according to Associated Press.
The company reported a loss of $1.61 billion, or $4.06 per share, for the quarter, compared to $338 million, or 79 cents per share, in the same quarter a year earlier.
Excluding the charges, tied to the value of its Vons and Eastern brands, the company earned 53 cents a share, which fell in line with analyst estimates.
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Revenue dropped more than 8 percent to $12.69 billion for Safeway, hurt in part by comparison to the prior quarter, which included an extra week. Sales were slightly higher than analyst expectations of $12.62 billion, according to Thomson Reuters.
For the full year, the company reported a net loss of $1.1 billion, or $2.62 per share, compared with $965.3 million, or $2.21 per share in the prior year. Adjusted for write-downs, the company earned $1.74 per share for the year.
Revenue dropped more than 7 percent for the year to $44.1 million. The company generated record cash flow of $1.5 billion for the year.
Safeway did not provide earnings guidance for 2010 but said it will at its investor conference in March.
Shares of Safeway rose 16 cents to $23.66 Thursday afternoon.
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