News Brief

Safeway Posts $1.6 Billion Loss

Safeway Inc. says it had a net loss of $1.61 billion for its fourth quarter, primarily due to a one-time goodwill impairment charge of $1.82 billion, related to the weak economy and two acquisitions. But even without the charge, net income would have been $209.1 million, down from $338 million in the same period a year ago.

Sales at the Pleasanton, Calif.-based chain dropped 8.1% to $12.7 billion, down from $13.8 billion in the fourth quarter of 2008.--Sarah Mahoney

Tags: earnings, retail
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