Safeway has just announced this morning their Q1 Results: Mediocre results really on a general perspective.
"Food and drug retailer Safeway Inc. ( SWY ) Thursday announced a rise in first-quarter net income attributable to the company to $118.9 million, or $0.49 per share, from the prior-year quarter's $72.9 million, or $0.27 per share. On average, 15 analysts polled by Thomson Reuters expected earnings per share of $0.36 for the quarter. Analysts' estimates typically exclude one-time items. Quarterly sales and other revenue totaled $10 billion, essentially flat compared with last year, while it missed consensus estimates of $10.14 billion. An identical-store sales increase of 1.5%, excluding fuel, was offset mainly by the disposition of Genuardi's stores in 2012 and lower fuel sales in 2013, the company added."
Here's a video I have made on the Technical Analysis of Safeway prior to earning announcement which clearly indicated a mitigating trend: