Safeway reports first quarter profits

05/5/2004 | SeattlePI.com · FoxNews.com

Net income at Safeway fell 73% in the first quarter after a strike earlier this year at its Vons and Pavilion stores in Southern California, according to Safeway management. But the company also said its 2004 performance is tracking forecasts when the strike impact and some store-closing costs are excluded. Safeway also announced Monday three board members would be replaced, and it would change some board guidelines to make the board "stronger and more responsive to shareholders," CEO Steve Burd said.

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