Safeway 2008 Annual Report Download

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2008 ANNUAL REPORT

Table of contents

  • Page 1
    20 08 ANNUAL REPORT

  • Page 2
    ...outstanding value and inspired, quality solutions every day. We offer our customers a unique shopping experience in our Lifestyle stores, with attractive everyday pricing and Club Card specials, high quality perishables, proprietary corporate brands, health and wellness tips and unparalleled service...

  • Page 3
    ... shares held in treasury at year-end 2008, 2007 and 2006, respectively. MANUFAC TURING AND FOOD PROCESSING FACILITIES PERCENTAGE OF STORES WITH SPECIALT Y DEPARTMENTS AND FUEL STATIONS Year-end 2008 Milk Plants Bakery Plants Ice Cream Plants Cheese & Meat Packing Plants Soft Drink Bottling Plants...

  • Page 4
    ...focused on our customers' changing needs and continued to execute well on our cost savings initiatives. Our net income for the 53-week year in 2008 was $965.3 million ($2.21 per diluted share) compared to $888.4 million ($1.99 per diluted share) in the 52-week 2007. Total sales increased 4.3% to $44...

  • Page 5
    ... cash flow from payables related to third-party gift cards, net of receivables. Cash from the sale of third-party gift cards is held for a short period of time and then remitted, less Safeway's commission, to card partners. Because this cash flow is temporary, it is not available for other uses...

  • Page 6

  • Page 7

  • Page 8
    ... A cornerstone of Safeway's growth strategy is providing the highest quality perishable products to our customers. We also carefully track consumer trends and innovate throughout the business to meet our customers' changing needs. We continue to carefully screen and select the freshest produce...

  • Page 9

  • Page 10
    ... in the food retailing industry, located in very convenient locations. In addition, our employees consistently offer friendly, helpful service to our customers. We have gained a reputation for superior quality meat, produce, bakery, deli and floral items, and have weekly Club Card specials that our...

  • Page 11

  • Page 12

  • Page 13

  • Page 14
    ... to work hard to provide our customers with high quality products in our produce, meat, bakery, deli and floral departments, as well as great selection in the center of the store, new innovative offerings, an excellent in-stock condition and the most friendly, helpful service in our industry.

  • Page 15

  • Page 16
    ... and marketing companies formed to meet demand for organic and wellness foods. These products are being sold into the food retail and food service channels. In addition, we plan to capitalize on our experience in reducing and controlling health care costs through our Safeway Health company, and...

  • Page 17

  • Page 18
    ... causes. We also are dedicated to the health and well-being of our customers and employees, offering nutritional information and educational tools in our stores and online. FoodFlex (www.safeway.com/foodflex), an online tool, compares a household's Club Card purchases to USDA guidelines and provides...

  • Page 19

  • Page 20
    ..., Health Initiatives and Reengineering David R. Stern Senior Vice President Planning and Business Development Canada Safeway Limited Chuck Mulvenna President and Chief Operating Officer EQUIT Y AFFILIATE Kenneth W. Oder Managing Member Sugar Hollow LLC Former Executive Vice President Safeway Inc...

  • Page 21
    ... fiscal year ended January 3, 2009 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-00041 SAFEWAY INC. (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction...

  • Page 22
    ... at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant's most recently completed second fiscal quarter. The aggregate market value of the voting stock held by non-affiliates of the registrant as of June 14...

  • Page 23
    ... Directors, Executive Officers and Corporate Governance Executive Compensation Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters Certain Relationships and Related Transactions, and Director Independence Principal Accounting Fees and Services Market...

  • Page 24
    .... This Annual Report on Form 10-K includes forward-looking statements relating to, among other things: changes in retail square footage and store count; improved inventory shrink; changes to the total closed store reserve; uses of cash; ability to borrow under bank credit facilities; sufficiency...

  • Page 25
    ... to retail customers. Blackhawk also has gift card businesses in the United Kingdom, France and Australia. Stores Safeway's average store size is approximately 46,000 square feet. The Company determines the size of a new store based on a number of considerations, including the needs of the community...

  • Page 26
    ..., closures and financing terms. Merchandising Safeway's operating strategy is to provide value to its customers by maintaining high store standards and a wide selection of high-quality products at competitive prices. To provide one-stop shopping for today's busy shoppers, the Company emphasizes...

  • Page 27
    ... grocery stores and institutional customers. Safeway operated the following manufacturing and processing facilities at year-end 2008: U.S. Milk plants Bakery plants Ice cream plants Cheese and meat packing plants Soft drink bottling plants Fruit and vegetable processing plants Cake commissary Total...

  • Page 28
    ... 14 Dominick's store closures in 2007, 26 Randall's store closures in 2005 and 12 Dominick's store closures in 2004. Such store closures were part of a program to improve profitability in those divisions. We do not plan to significantly change total retail square footage or store count in the...

  • Page 29
    ... quarter of the following year. Competition Food retailing is intensely competitive. The principal competitive factors that affect the Company's business are location, quality, price, condition of assets, marketing and promotional strategies, service and consumer loyalty to other brands and stores...

  • Page 30
    ... 36,000 employees, primarily in stores in the Company's Eastern and Portland divisions, as well as stores in Alberta and Vancouver, Canada, were ratified. Available Information Safeway's corporate Web site is located at www.safeway.com. You may access our Securities and Exchange Commission ("SEC...

  • Page 31
    ... could reduce sales growth, while food inflation, combined with reduced consumer spending, could reduce gross profit margins. We are unable to predict when the economies of the United States and Canada will improve. If these economies do not improve, Safeway's business, results of operations and...

  • Page 32
    ...markets during 2008 resulted in a substantial reduction in the fair value of the retirement plan assets. As a result, at the end of fiscal 2008, projected benefit obligations exceeded the fair value of plan assets for all of the Company's pension plans. In 2009, we expect pension expense to increase...

  • Page 33
    ... on our financial results. Insurance Plan Claims We use a combination of insurance and self-insurance to provide for potential liabilities for workers' compensation, automobile and general liability, property risk, director and officers' liability and employee health care benefits. We estimate the...

  • Page 34
    ... the Financial Accounting Standards Board ("FASB") and the SEC, which create and interpret accounting standards. For many aspects of our business, such as workers' compensation, store closures, employee benefit plans, stock-based employee compensation, goodwill and income tax contingencies, these...

  • Page 35
    ...related to any other executive officer or director by blood, marriage or adoption. Officers serve at the discretion of the Board of Directors. Name and all positions with the Company Held at February 25, 2009 Steven A. Burd Chairman, President and Chief Executive Officer Diane M. Dietz (1) Executive...

  • Page 36
    ... position of Senior Vice President, Chief Financial Officer and Chief Administrative Officer. He is a director of Casa Ley, in which Safeway has a 49% ownership interest. In October 2008, Mr. Edwards was elected to the board of directors of Flextronics, an electronics manufacturing services provider...

  • Page 37
    ... per share of common stock, as reported on the New York Stock Exchange Composite Tape, was $21.12 at the close of business on February 25, 2009. Although the Company expects to continue to pay quarterly dividends on its common stock, the payment of future dividends is at the discretion of the Board...

  • Page 38
    ...2008 - January 3, 2009 Total Total number of shares purchased (1) - - - 1,892 1,892 Average price paid per share - - - $ 20.93 $ 20.93 (1) Shares withheld, at the election of certain holders of restricted stock, by the Company from the vested portion of restricted stock awards with a market value...

  • Page 39
    ... in the Company's cumulative total stockholder return on its common stock for the period from the end of its 2003 fiscal year to the end of its 2008 fiscal year to that of the Standard & Poor's ("S&P") 500 and a group of peer companies(*) in the retail grocery industry. The stock price performance...

  • Page 40
    ... Gross profit Operating and administrative expense Operating profit Interest expense Other income, net Income before income taxes Income taxes Net income Basic earnings per share Diluted earnings per share Weighted average shares outstanding (in millions): Basic Diluted Cash dividends declared...

  • Page 41
    ... Plan Information" in Note G to the consolidated financial statements set forth in Part II, Item 8 of this report. (2) No common stock dividends were declared prior to the second quarter of 2005. (3) Defined as stores operating the same period in both the current year and the previous year. 2008...

  • Page 42
    ... prices (including our club card specials), increasingly merchandised in a warm and inviting shopping environment (our Lifestyle stores). We have communicated this message through our "Ingredients for life" advertising campaign. We believe all of these elements have contributed to our sales growth...

  • Page 43
    ... of Safeway's marketing strategy, Lifestyle store execution and an increase in fuel sales of $385 million. At the end of 2006, Safeway had 751 Lifestyle stores compared to 458 at the end of 2005. Customer counts and average transaction size increased during fiscal 2006. Gross Profit Gross profit...

  • Page 44
    ... Lifestyle stores, new store development and closing 14 under-performing stores in 2007. In the second quarter of 2007, Safeway incurred a store-lease exit charge of $30.3 million ($0.04 per diluted share) as a result of these closures. Operating and administrative expense decreased 93 basis points...

  • Page 45
    ...both cases, fair value is determined by estimating net future cash flows and discounting them using a risk-adjusted rate of interest. The Company estimates future cash flows based on its experience and knowledge of the market in which the closed store is located and, when necessary, uses real estate...

  • Page 46
    ... 5.9%. A lower discount rate increases the present value of benefit obligations and increases pension expense. Expected return on pension plan assets is based on historical experience of the Company's portfolio and the review of projected returns by asset class on broad, publicly traded equity and...

  • Page 47
    ... of fair value of each of our reporting units is based on our projection of sales, gross profit, operating profit and cash flows considering historical and estimated future results, general economic and market conditions as well as the impact of planned business and operational strategies. We base...

  • Page 48
    ...'s net payables related to third-party gift cards declined to $23.9 million in 2008 from $84.1 million in 2007 as a result of the timing of payments due to the holidays, the 53rd week of fiscal 2008 and a change in the product mix. Historically, cash contributions to the Company's retirement plans...

  • Page 49
    ... payments for the foreseeable future. There can be no assurance, however, that Safeway's business will continue to generate cash flow at or above current levels or that the Company will maintain its ability to borrow under its commercial paper program and credit agreement. Bank Credit Agreement...

  • Page 50
    ... 15, 2009. Safeway used the net proceeds from the Notes to repay borrowings under its U.S. commercial paper program, revolving credit facility and money market bank credit facilities. At Safeway's option, the Notes can be redeemed, in whole or in part, at any time at a redemption price equal to the...

  • Page 51
    ... information regarding dividends paid on Safeway's common stock during fiscal 2008, 2007 and 2006. Record Date 09/25/08 06/26/08 03/27/08 12/27/07 Per-Share Amounts $ 0.0828 0.0828 0.0690 0.0690 Year-to-date Total $ 132.1 96.6 60.6 30.4 (in millions, except per-share amounts) 2008 Quarter 4 Quarter...

  • Page 52
    ... billion. This includes an increase in the total authorized level of the repurchase program by $1.0 billion to $5.0 billion approved by the Board of Directors in May 2008. During fiscal 2008, Safeway repurchased approximately 12.6 million shares of its common stock under the repurchase program at...

  • Page 53
    ... do not include common area maintenance, insurance or tax payments for which the Company is also obligated. In fiscal 2008, these charges totaled approximately $215.2 million. Off-Balance Sheet Arrangements Guarantees The Company is party to a variety of contractual agreements under which it may be...

  • Page 54
    ... Contracts The Company has entered into contracts to purchase electricity and natural gas at fixed prices for a portion of its energy needs. Safeway expects to take delivery of the electricity and natural gas in the normal course of business, and these contracts are not net settled. Since these...

  • Page 55
    ... Item 7A. Quantitative and Qualitative Disclosures About Market Risk Safeway manages interest rate risk through the use of fixed- and variable-interest rate debt and, from time to time, interest rate swaps. As of year-end 2008, the Company had no outstanding interest rate swap agreements...

  • Page 56
    ...Page Management's Annual Report on Internal Control over Financial Reporting Report of Independent Registered Public Accounting Firm Consolidated Statements of Operations for fiscal 2008, 2007 and 2006 Consolidated Balance Sheets as of the end of fiscal 2008 and 2007 Consolidated Statements of Cash...

  • Page 57
    ... over Financial Reporting Management of the Company, including the Chief Executive Officer and the Chief Financial Officer, is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rules 13a-15(f) and 15d-15(f) of the Securities Exchange Act...

  • Page 58
    ...position of Safeway Inc. and subsidiaries as of January 3, 2009 and December 29, 2007, and the results of their operations and their cash flows for each of the three years in the period ended January 3, 2009, in conformity with accounting principles generally accepted in the United States of America...

  • Page 59
    ... Registered Public Accounting Firm and other Postretirement Plans." As discussed in Note H to the consolidated financial statements, on December 31, 2006, the Company adopted Financial Accounting Standards Board Interpretation No. 48, "Accounting for Uncertainty in Income Taxes." San Francisco...

  • Page 60
    SAFEWAY INC. AND SUBSIDIARIES Consolidated Statements of Operations (In millions, except per-share amounts) 53 Weeks 2008 Sales and other revenue Cost of goods sold Gross profit Operating and administrative expense Operating profit Interest expense Other income, net Income before income taxes Income...

  • Page 61
    SAFEWAY INC. AND SUBSIDIARIES Consolidated Balance Sheets (In millions, except per-share amounts) Year-end 2008 Assets Current assets: Cash and equivalents Receivables Merchandise inventories, net of LIFO reserve of $98.3 and $63.4 Prepaid expenses and other current assets Total current assets ...

  • Page 62
    ... debt Deferred income taxes Pension and postretirement benefit obligations Accrued claims and other liabilities Total liabilities Commitments and contingencies Stockholders' equity: Common stock: par value $0.01 per share; 1,500 shares authorized; 590.7 and 589.3 shares outstanding Additional paid...

  • Page 63
    ... Changes in working capital items: Receivables Inventories at FIFO cost Prepaid expenses and other current assets Income taxes Payables and accruals Payables related to third-party gift cards, net of receivables Net cash flow from operating activities Investing Activities: Cash paid for property...

  • Page 64
    ...term borrowings Payments on long-term borrowings Purchase of treasury stock Dividends paid Net proceeds from exercise of stock options Excess tax benefit from exercise of stock options Income tax refund related to prior years' debt financing Payment of debt issuance costs Other Net cash flow used by...

  • Page 65
    ... Treasury stock purchased Options exercised Balance, year-end 2007 Net income Stock-based employee compensation Cash dividends declared ($0.3174 per share) Translation adjustments (net of income tax benefit of $10.6) Income tax refund Pension adjustment to funded status (net of income tax benefit of...

  • Page 66
    ... A: The Company and Significant Accounting Policies The Company Safeway Inc. ("Safeway" or the "Company") is one of the largest food and drug retailers in North America, with 1,739 stores as of year-end 2008. Safeway's U.S. retail operations are located principally in California, Oregon, Washington...

  • Page 67
    ..., a vendor pays Safeway to keep product on the shelf for a minimum period of time or when volume thresholds are achieved. Promotional and slotting allowances are accounted for as a reduction in the cost of purchased inventory and recognized when the related inventory is sold. Contract allowances...

  • Page 68
    ... value of such claims was calculated using a discount rate of 1.75% in 2008, 3.5% in 2007 and 4.5% in 2006. A summary of changes in Safeway's self-insurance liability is as follows (in millions): 2008 Beginning balance Expense Claim payments Currency translation loss Ending balance Less current...

  • Page 69
    ...-end 2008. Energy Contracts The Company has entered into contracts to purchase electricity and natural gas at fixed prices for a portion of its energy needs. Safeway expects to take delivery of the electricity and natural gas in the normal course of business, and these contracts are not net settled...

  • Page 70
    ...): 2008 Translation adjustments Pension adjustment to funded status Recognition of pension actuarial loss, net Other Ending balance $ 140.5 (406.8) 41.0 (3.4) $ (228.7) 2007 $ 367.2 (140.7) 21.5 (1.8) $ 246.2 2006 $ 195.1 (96.7) - (3.6) $ 94.8 Stock-Based Employee Compensation Safeway accounts for...

  • Page 71
    ... of fair value of each of our reporting units is based on our projection of sales, gross profit, operating profit and cash flows considering historical and estimated future results, general economic and market conditions as well as the impact of planned business and operational strategies. We base...

  • Page 72
    ... is included in accrued claims and other liabilities. Note D: Financing Notes and debentures were composed of the following at year end (in millions): 2008 Commercial paper Bank credit agreement, unsecured Other bank borrowings, unsecured Mortgage notes payable, secured 4.125% Senior Notes due...

  • Page 73
    ...total amount of the credit facility. Shelf Registration On December 8, 2008, the Company filed a shelf registration statement (the "Shelf") with the SEC which enables Safeway to issue an unlimited amount of debt securities and/or common stock. The Shelf expires on December 8, 2011. The Safeway Board...

  • Page 74
    ... 59% of its stores. Most leases have renewal options, typically with increased rental rates during the option period. Certain of these leases contain options to purchase the property at amounts that approximate fair market value. As of year-end 2008, future minimum rental payments applicable to non...

  • Page 75
    ..., contingent rentals are based on individual store sales. Note F: Interest Expense Interest expense consisted of the following (in millions): 2008 Commercial paper Bank credit agreement Other bank borrowings Mortgage notes payable 9.30% Senior Secured Debentures 6.15% Senior Notes 4.80% Senior...

  • Page 76
    ...under this plan. Shares issued, as a result of stock option exercises, will be funded with the issuance of new shares. Restricted Stock The Company awarded 40,000 shares and 100,000 shares of restricted stock in 2008 and 2007, respectively, to certain officers and key employees. Restricted stock was...

  • Page 77
    ... The total intrinsic value of options exercised was $13.5 million in 2008 and $120.2 million in 2007. As of year-end 2008, there was $124.8 million of total unrecognized compensation cost related to nonvested stock-based compensation arrangements granted under the Company's stock option plans. That...

  • Page 78
    ...Information Safeway accounts for stock-based employee compensation in accordance with SFAS No. 123R. The Company determines fair value of such awards using the Black-Scholes option pricing model. The following weighted-average assumptions used, by year, to value Safeway's grants are as follows: 2008...

  • Page 79
    ... $62.6 million, net of tax, in 2006. As a result of acquiring the remaining minority interests in Safeway.com in 2006, the Company eliminated the valuation allowance on Safeway.com's net operating loss ("NOL") carryforwards. The utilization of these NOL carryforwards resulted in a tax benefit of $84...

  • Page 80
    ... Company's net deferred tax liability at year end were as follows (in millions): 2008 Deferred tax assets: Pension liability Workers' compensation and other claims Employee benefits Accrued claims and other liabilities Charitable contribution carryforwards Reserves not currently deductible Operating...

  • Page 81
    ..., 2007, the Company had unrecognized tax benefits of $129.2 million and $123.1 million, respectively. A reconciliation of the beginning and ending amount of unrecognized tax benefits follows (in millions): 2008 Balance at beginning of year Additions based on tax positions related to the current year...

  • Page 82
    ... status of its retirement plans on its consolidated balance sheet. Deteriorating conditions in the global financial markets led to a substantial reduction in the fair value of the Company's pension plan assets during 2008. Upon remeasurement of the Company's pension plan benefit obligations as of...

  • Page 83
    ... to determine year-end projected benefit obligation were as follows: 2008 Discount rate: United States plans Canadian plans Combined weighted-average rate Rate of compensation increase: United States plans Canadian plans The actuarial assumptions used to determine net periodic benefit cost were as...

  • Page 84
    ... insurance benefits to certain employees. Retirees share a portion of the cost of the postretirement medical plans. Safeway pays all the costs of the life insurance plans. The plans are not funded. The Company's accrued postretirement benefit obligation ("APBO") was $52.6 million at year-end 2008...

  • Page 85
    ... Pension Plans Safeway participates in various multi-employer retirement plans, covering substantially all Company employees not covered under the Company's non-contributory retirement plans, pursuant to agreements between the Company and various unions. These plans are generally defined benefit...

  • Page 86
    ... the State of California filed an action in the United States District Court for the Central District of California, entitled State of California, ex rel. Bill Lockyer (now ex. rel. Jerry Brown) v. Safeway Inc. dba Vons, et al., against the Company; the Company's subsidiary, The Vons Companies, Inc...

  • Page 87
    ...economic characteristics are similar are gross margin percentage, operating profit margin, sales growth, capital expenditures, competitive risks, operational risks and challenges, retail store sales, costs of goods sold and employees. In addition, each operating segment has similar products, similar...

  • Page 88
    ... any material guarantees. However, the Company is party to a variety of contractual agreements under which Safeway may be obligated to indemnify the other party for certain matters. These contracts primarily relate to Safeway's commercial contracts, operating leases and other real estate contracts...

  • Page 89
    ...39 53 Weeks 2008 Sales and other revenue Gross profit Operating profit Income before income taxes Net income Net income per share - basic Net income per share - diluted $ 44,104.0 12,514.8 1,852.7 1,504.6 965.3 $ 2.23 2.21 52 Weeks 2007 Sales and other revenue Gross profit Operating profit Income...

  • Page 90
    ..., processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to the Company's management, including its President and Chief Executive Officer and Chief Financial Officer, as appropriate, to allow...

  • Page 91
    ...officers, and (ii) relates to any element of the code of ethics definitions, as enumerated in Item 406(b) of SEC Regulation S-K, will be posted on our Web site at www.safeway.com within four business days following the date of the amendment or waiver. Item 11. Executive Compensation The information...

  • Page 92
    ...'s Form S-3 Registration Statement filed on July 27, 2004). Amended and Restated By-Laws of Safeway Inc., dated October 21, 2008 (incorporated by reference to Exhibit 3.2 to the registrant's Current Report on Form 8-K dated October 21, 2008). Specimen Common Stock Certificate (incorporated by...

  • Page 93
    ...Plan for Executive Officers of Safeway Inc., dated March 26, 2002. Retirement Restoration Plan of Safeway Inc. (incorporated by reference to Exhibit 10(iii).11 to the registrant's Form 10-K for the year ended January 1, 1994). Form of stock option agreement for former directors of The Vons Companies...

  • Page 94
    ... and Restated Share Appreciation Rights Plan of Canada Safeway Limited (incorporated by reference to Exhibit 10(iii).34 to the registrant's Form 10-Q for the quarterly period ended June 19, 2004). Exhibit 10(iii).15* Amended and Restated Supplemental Retirement Benefit Agreement between Safeway Inc...

  • Page 95
    ...19* Form of Restricted Stock Award Grant Notice and Restricted Stock Agreement under the Blackhawk Marketing Services, Inc. 2006 Restricted Stock Plan for Eligible Employees of Safeway Inc. (incorporated by reference to Exhibit 10.2 to the registrant's Current Report on Form 8-K filed on February 28...

  • Page 96
    ... and Stock Option Agreement-Canadian Participants under the Safeway Inc. 2007 Equity and Incentive Award Plan (incorporated by reference to Exhibit 10(iii).33 to the registrant's Form 10-Q for the quarterly period ended June 16, 2007). Exhibit 10(iii).31* Safeway Executive Deferred Compensation Plan...

  • Page 97
    ...its behalf by the undersigned, thereunto duly authorized. SAFEWAY INC. By /s/ Steven A. Burd Steven A. Burd Chairman, President and Chief Executive Officer Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the...

  • Page 98
    SAFEWAY INC. AND SUBSIDIARIES Director /s/ William Y. Tauscher William Y. Tauscher /s/ Raymond G. Viault Raymond G. Viault March 3, 2009 Date: March 3, 2009 78

  • Page 99
    ... information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: March 3, 2009 /s/ Steven A. Burd Steven A. Burd Chairman, President and Chief Executive Officer...

  • Page 100
    ..., results of operations and cash flows of the registrant as of, and for, the periods presented in this report; The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and...

  • Page 101
    ...the Securities Exchange Act of 1934, as amended; and (ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. Dated: March 3, 2009 /s/ Steven A. Burd Steven A. Burd Chief Executive Officer Certification...

  • Page 102
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  • Page 103
    ...Investor Information SAFEWAY INC . AND SUBSIDIARIES EXECUTIVE OFFICES ANNUAL MEETING EEO - 1 REPORT Mailing address: Safeway Inc. P.O. Box 99 Pleasanton, CA 94566-0009 INTERNET ADDRESS Safeway's Web site can be accessed at www.safeway.com. We do not incorporate the information on our Web site...

  • Page 104
    ... editorial section of this annual report are printed on FSC-Certified paper. This paper contains wood from well-managed forests, controlled sources. This is certified in accordance with the rules of the Forest Stewardship Council. Made with certified renewable energy. S A F E WAY I N C. P O B OX...