Safeway 1998 Annual Report Download - page 8
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95
Introduced Safeway SELECT
line of premium quality private-
label products.
Steve Burd elected CEO.
Raised $6.7 million for the
National Easter Seal Society,
Safeway’s designated
corporate charity.
Identical-store sales increased,
reversing three-year decline.
O&A expense margin decreased
for first time since 1989.
Operating cash flow improved
to 5.11% of sales.
Reduced working capital by
$275 million.
Reduced debt by $359
million.
Identical-store sales rose 4.4%.
Reduced O&A expense margin
for second straight year, to
23.52% of sales.
Working capital declined another
$176 million.
Operating cash flow improved to
6.06% of sales.
Capital spending increased to
$352 million.
Closed six manufacturing
plants, resulting in significant
savings and higher productivity
in remaining plants.
Retired $292 million of
senior debt.
Northern California Division
donated more than $3 million
worth of computer equipment
to local schools.
Identical-store sales up 4.6%.
O&A expense as percentage
of sales declined for third
consecutive year, to 22.96%.
Operating cash flow rose to
6.52% of sales.
Capital spending increased to
$503 million.
Senior unsecured debt given
investment grade status by
Standard & Poor’s.
Began converting hundreds of
private label items previously
marketed under 10 other brand
names to Safeway brand name.
Denver Division received
Martin Luther King, Jr.
Community Service Award.
93 94