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This excerpt taken from the SWY 10-Q filed Oct 8, 2008. 36-WEEKS ENDED SEPTEMBER 6, 2008 COMPARED WITH 36-WEEKS ENDED SEPTEMBER 8, 2007 Net income for the first 36 weeks of 2008 was $627.4 million ($1.43 per diluted share) compared to $587.2 million ($1.32 per diluted share) in the first 36 weeks of 2007.
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Table of ContentsSAFEWAY INC. AND SUBSIDIARIES MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The gross profit margin declined 57 basis points to 28.19% in the first 36 weeks of 2008 from 28.76% for the first 36 weeks of 2007. Excluding the 46 basis point reduction in gross profit margin due to higher fuel sales, gross profit margin declined 11 basis points. Operating and administrative expense margin improved 60 basis points to 24.10% in the first 36 weeks of 2008 from 24.70% in the first 36 weeks of 2007. Excluding the 34 basis point reduction due to higher fuel sales, operating and administrative expense margin improved by 26 basis points. Same-store sales increases through the third quarters of 2008 and 2007 were as follows:
The amount and percentage of total sales and other revenue contributed by food, drug, general merchandise and other and by fuel sales are shown below:
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